PNC Financial Services Group Inc said it would raise its quarterly dividend 250 percent and would repurchase up to $500 million of common stock this year. Get the full story »
PNC Financial
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$5 ATM fees may be coming
Customers use ATMs at a Bank of America branch in Boston. (AP Photo/Lisa Poole)
Some of the nation’s biggest banks are imposing a variety of new fees on people who withdraw money from automated-teller machines.
The move is the latest example of the burgeoning new fees that banks are imposing on customers accustomed to years of free services. Banks are scrambling to replace billions of dollars in revenue expected to be lost from new federal regulations on overdraft charges and debit cards. Get the full story »
PNC reports 26% decline in 4Q profit
PNC Financial Services Group Inc.’s fourth-quarter profit dropped 26 percent after a big year-earlier gain, but adjusted earnings topped analysts’ expectations as revenue fell less than expected.
The bank continued to bolster its bottom line by setting aside less to cover potential loan losses. Many peers have also made that move amid improving credit quality. PNC grew during the banking crisis by purchasing troubled rivals — such as its acquisition of Ohio’s National City in late 2008 for $2 billion. Get the full story »
Half a million to insure ‘12 days’ items?
Everyone knows it would be prohibitively expensive to actually gift someone the treasures from the “12 Days of Christmas,” but it turns out to be even more pricey to insure — nearly 20 times the cost of buying the presents from the famed holiday carol in the first place.
A recipient of turtle doves, partridges and leaping lords would end up paying nearly half a million dollars in insurance premiums, according to a study from insurance brokerage Lockton and trade magazine Insurance Journal released on Wednesday. Get the full story »
