Thursday, October 21, 2010

Eastern Rust Belt Financial Employment Picture

An update of sorts on the suggestion that NYC financial talent move to Cleveland and be sure to read the comment from a reader. Dow Jones Newswires has the latest on regional banking:

PNC Financial Services Group Inc. (PNC), a clear winner of the financial crisis, reported a wider quarterly profit but said it is seeing "tepid" loan demand from borrowers. The Pittsburgh-based lender, which is one of the biggest U.S. regional banks, earned $1.1 billion, or $2.07 a share, in the quarter, up from $559 million a year earlier. PNC booked a lump-sum gain of $328 million from selling an investment-servicing business and released $128 million in unneeded reserves for loan losses.

Shares in PNC were recently up 1.1% to $53.34.

I'd call the entire Pittsburgh region a "clear winner of the financial crisis".

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