Pnc Takes Loss, Plans Cuts ; Company, Which Just Acquired National City Corp., Is Reviewing Its Mortgage Business.

Summary

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PNC Financial Services Group Inc. reported a $248 million loss in the fourth quarter, when it acquired rival National City Corp., and saw its 2008 income fall to $882 million, from $1.47 billion the prior year. PNC also said it will cut 5,800 jobs across its system by 2011.

That will be a nearly 10 percent cut from the combined PNC- National City work force of 59,595 positions. The cuts will save $1.2 billion annually, PNC said.

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Pnc Takes Loss, Plans Cuts ; Company, Which Just Acquired National City Corp., Is Reviewing Its Mortgage Business.

Shares of the company's stock (NYSE: PNC) fell by $2.33, or 7 percent, to close at $29.8...

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