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banking

PNC posts $2.1 billion quarterly profit, misses revenue estimate

Illustration accompanying article: PNC posts $2.1 billion quarterly profit, misses revenue estimate
  • PNC Financial Services Group reported third-quarter net income of $2.1 billion, up from $1.82 billion a year earlier.
  • PNC's revenue rose 11% year-over-year to $6.56 billion, missing the $6.61 billion Wall Street consensus estimate compiled by FactSet.
  • PNC's net interest income climbed 15% to $4.21 billion, driven by commercial loan growth, the FirstBank acquisition, and lower funding costs.
  • PNC CEO Bill Demchak said the bank's national expansion strategy is driving growth and expressed confidence in the long-term outlook.
  • PNC's total loans grew 16% to $378.8 billion, while integration costs of $36 million from the FirstBank acquisition dented reported profit.
 2026-10-15 · 3 MIN READ

Trump forms committee to investigate Fed governor Cook

Illustration accompanying article: Trump forms committee to investigate Fed governor Cook
  • Trump on Friday announced a committee to investigate Federal Reserve Governor Lisa Cook over mortgage fraud allegations, renewing his effort to oust her roughly four months after the Supreme Court ruled her earlier firing unconstitutional.
  • The White House scheduled a closed but transcribed in-person hearing for November 5 to consider the allegations, with Cook permitted to submit a written statement and face examination.
  • Cook was first fired in August 2025 after Trump cited claims she listed properties in Georgia and Michigan as her primary residence and failed to report rental income on her Atlanta property; her legal team called the allegations "cherrypicking" based on unrelated clerical errors.
  • The Supreme Court reinstated Cook in a 5-4 ruling while litigation continued, then ruled in June that her firing was unconstitutional because Trump did not provide her an opportunity to dispute the allegations beforehand.
 2026-10-09 · 3 MIN READ
Illustration accompanying article: UK court quashes convictions of five former Barclays LIBOR traders