The job cuts would reduce its personnel expenses by about $325 million, or 5%, annually, the Pittsburgh-based bank said.
Shares of the bank were up 1.1% in premarket trade.
For the three months ended Sept. 30, PNC reported a 5.7%, decline in revenue to $5.23 billion, missing the Street estimate of $5.32 billion.
Average deposits at PNC fell 3.8% to $422.5 billion, compared with $439.2 billion a year earlier.
The lender earned a profit of $1.57 billion, or $3.60 per share, compared to $1.64 billion, or $3.78 per share. Analysts had estimated a profit of $3.11 per share, according to LSEG IBES data.
PNC said it expects a drop of 1% to 2% in its net interest income (NII)- the difference between what banks earn from lending and pay out on deposits – for the fourth quarter from the preceding quarter.
In the third quarter, it posted a drop of 1.6% in NII from a year earlier.
Some lenders have been cautioning about a weakness in NII growth as borrowing costs surge, dissuading customers from applying for loans, especially as the central bank keeps rates higher for longer.
PNC set aside $129 million as provisions for credit losses, compared to $241 million a year earlier.
Its banking division said earlier this month that it had purchased a portfolio of capital commitments from Signature Bridge Bank for $16.6 billion in an arrangement with the Federal Deposit Insurance Corp as receiver.
Source: Economy - investing.com
