PNC Financial National City Layoffs Job Cut: fires 5800 employees

Another news of layoffs, another financial company joining the group of companies to go for layoffs. The firm PNC Financial, has decided to go for PNC Financial Lay offs or PNC Financial Job Cuts. Unfortunately the situation is worsening further for all the sectors and PNC Financial is melting under the pressures of the market. The economic crisis is hitting all sectors and all the sectors are getting affected.

How many employees may be fired by PNC Financial layoffs?
The news is that around 5800 employees will be asked to leave their jobs at PNC Financial. That will be around 10 percent of the total employee strength.

How many employees does PNC Financial have?
The total no. of employees of PNC Financial is around 59,600, but this is in merger with the National City Corp.

Which locations will be affected by the PNC Financial Layoffs?
About 500 of the 5,800 job losses would be cut from the 61 branches in Western Pennsylvania

Which segment of employees will be affected by the PNC Financial layoffs
No detailed information is available about that.

How much savings can be made by PNC Financial Layoffs?
$1.2 billion USD per year is expected will be saved in combined expenses of both PNC and National City Corp.

When will the PNC Financial layoffs happen
The job cuts will be completed 2011, hence it is a 2 year long plan.

Any severance package for the affected employees?
No info available.

What are the primary reasons of PNC Financial Layoffs
PNC announced the move as it recorded a quarterly loss of $248 million, which included $380 million in costs connected with its acquisition of the troubled Cleveland-based bank on Dec. 31

Any other news about PNC Financial?
As per PittsburgLive, A year earlier, the Pittsburgh bank earned $178 million, or 52 cents a share. The current results equaled minus 77 cents a share. Excluding merger costs, PNC earned 32 cents a share, compared with the 75 cents projected by analysts polled by Bloomberg. For the full year, PNC earned $882 million, or $2.46 share, including $422 million in merger costs. The bank earned almost $1.47 billion, or $4.35 a share, the year earlier.
National City, however, lost about $6 billion last year. That was because the bank took steep losses from years of subprime mortgage lending
Let's hope that alternative jobs are available to the affected employees of PNC Financial Layoffs Job Cut.