PNC Financial Services (NYSE:PNC) shares fell more than 3% in early trade after the Pennsylvania-based bank and financial services firm reported a revenue miss and drop in earnings for the third quarter.
Revenue declined year-over-year from $5.5 billion to $5.2 billion. This also fell short of the consensus analyst expectation of $5.3 billion, according to Zacks Investment Research.
Earnings per share fell from $3.78 to $3.60 but came in ahead of the Street estimate of $3.18.
The firm also said on Friday that it would be reducing its staff by about 4% by the end of the fourth quarter as part of its cost-cutting initiatives.
This move is set to save the firm about $325 million in annual personnel expenses, or 5%.
Shares of PNC fell 3.1% to US$117.60 shortly after the opening bell in New York on Friday.
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Source: proactiveinvestors.com
