PNC revises fourth-quarter earnings

PNC Financial Services Group Inc. on Wednesday said it expects to report fourth-quarter earnings in the range of 60 cents to 75 cents a share, and adjusted earnings between $1 and $1.15 a share.

Analysts, on average, had projected profit of $1.39 a share.

Pittsburgh-based PNC (NYSE:PNC) said the changes reflect a write-down of $1.5 billion in commercial mortgage loans, weak trading results due to market volatility and a higher provision for credit losses stemming from residential real estate development.

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source: bizjournals.com