PNC FINANCIAL SERVICES GROUP, INC. (PNC): restructuring charge — PNC Q3 net income $1.57B, EPS $3.60; plans 4% workforce reduction with $150M charge

PNC FINANCIAL SERVICES GROUP, INC.

2023-Q3 EPS reported $10.94 revenue$16,129,000,000

Revenue $5.23B (-1% QoQ, -6% YoY); net interest margin compresses to 2.71% from 2.79% QoQ.
Diluted EPS $3.60 vs $3.36 in Q2; net income $1.57B vs $1.50B.
CET1 capital ratio improved to 9.8% (up 30bps); tangible book value per share $78.16.
Workforce reduction of ~4% to save $325M annually; $150M pre-tax charges in Q4.
Average loans $319.5B (-2% QoQ); average deposits $422.5B (-1% QoQ).

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.4

PNC FINANCIAL SERVICES GROUP, INC. reported financial results for the third quarter of 2023.

Period: the third quarter of 2023
Result: reported results

Exact text from the filing

On October 13, 2023 , The PNC Financial Services Group, Inc. (the “Corporation”) issued a press release regarding the Corporation’s earnings and business results for the third quarter of 2023.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

PNC FINANCIAL SERVICES GROUP, INC. announced a restructuring with charges of approximately $150 million (approximately 4 percent).

Type: restructuring
Charge: approximately $150 million
Headcount: approximately 4 percent

Exact text from the filing

On October 6, 2023, as part of ongoing cost reduction initiatives, the Corporation committed to a workforce reduction expected to reduce its workforce by approximately 4 percent. Affected employees were informed of the workforce reduction beginning on October 6, 2023. The Corporation expects to incur one-time, pre-tax charges and costs associated with these actions of approximately $150 million, primarily related to cash severance, benefits and related termination costs.

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PNC FINANCIAL SERVICES GROUP, INC. filing history →

Source: SEC EDGAR

accession 0000713676-23-000069

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