/top_stories/article/27156
/top_stories/article/27156

/top_stories/article/27156


From: Reuters
Published December 12, 2007 12:32 PM

PNC slashes 4th-quarter earnings outlook

/top_stories/article/27156

NEW YORK (Reuters) - PNC Financial Services Group Inc <PNC.N>, a large U.S. regional bank, said on Wednesday it expects to report earnings of 60 cents to 75 cents a share and adjusted EPS of between $1.00 and $1.15 for the fourth quarter.

The changes reflect a write-down of $1.5 billion in commercial mortgage loans, weak trading results amid unprecedented market volatility and a higher provision for credit losses stemming from residential real estate development. PNC also cited an increase in certain BlackRock Inc <BLK.N> obligations due to a sharp rise in the price of BlackRock stock.

Analysts, on average, had expected PNC to report earnings of $1.33 a share, before items.

(Reporting by Joseph A. Giannone; Editing by Jeffrey Benkoe)

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