Businessweek

PNC Financial Services Group (PNC) will close 10 branches in its hometown of Pittsburgh as part of a planned $700 million in expense cuts. The closures will take place over the next 90 days. William Demchak, chief executive of the company said that he plans to close 200 branches, or 6.5% of its total network, this year, in an effort to reduce overhead and improve efficiency. PNC has already reached $500 million in cuts this year and will easily pass the $700 million goal. PNC has closed four other Pittsburgh branches this year.

The PNC Financial Services Group, Inc. Presents at Barclay's Americas Select Franchise Conference, May-21-2013 09:15 AM. Venue: Langham Hotel, London, United Kingdom. Speakers: Richard J. Johnson, Executive Vice President and Chief Financial Officer.

The PNC Financial Services Group, Inc. announced that William S. Demchak has assumed the position of president and chief executive officer. Former Chief Executive Officer James E. Rohr took the new position of executive chairman. The changes became effective April 23, 2013 at PNC's Annual Meeting of Shareholders. Rohr announced in February that he will retire in 2014. He will serve in the new position for one year to ensure a smooth transition. Demchak joined PNC in 2002 as chief financial officer. In 2005, he became head of Corporate & Institutional Banking. He was promoted to senior vice chairman in 2009 and named head of all PNC businesses in 2010. He was elected PNC president in April 2012, and joined PNC's Board of Directors in February 2013. Prior to joining PNC, Demchak served as head of Structured Finance and Credit Portfolio for JPMorgan Chase & Co. Demchak is a director of BlackRock, Inc.

The PNC Financial Services Group, Inc.(NYSE:PNC PRLCL) dropped from S&P Preferred Stock Index

The PNC Financial Services Group, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenue of $3,955 million against $3,732 million a year ago. Income before income taxes and non controlling interests was $1,324 million against $1,092 million a year ago. Net income was $1,004 million against $811 million a year ago. Net income attributable to common shareholders was $938 million against $766 million a year ago. Diluted earnings per common share was $1.76 against $1.44 a year ago. Net interest income of $2.4 billion for the first quarter of 2013 against $2,291 million a year ago. Return on average common shareholders equity was 10.68% against 9.41% a year ago. Return on average assets was 1.34% against 1.16% a year ago. Book value per common share was $68.23. When comparing to the prior year quarter, net interest income increased $98 million or 4% primarily due to a 6% growth in core net interest income due to loan growth and a stable net interest margin. For the second quarter, the company expecting a 2% to 3% decline in net interest income compared to the first quarter due to a decrease in scheduled purchase accounting accretion and lower expected cash recoveries. For the full year, the company now expects purchase accounting accretion to decline by approximately $350 million against 2012, while core net interest income is expected to increase modestly from 2012 to 2013. The company continues to expect that full year total reported revenue will increase in 2013 compared to 2012.