PNC Bank

[The Voice of Reason]

PNC Bank today announced a merger with National City. This is really really good news for Pittsburgh. Having a bank of this size headquartered in your city will surely mean more jobs down the line. The old rust belt is looking up

http://pnc.mediaroom.com/index.php?s=43&item=591

Under terms of the agreement, PNC will acquire all outstanding shares of common stock of National City in a stock-for-stock transaction, which has been approved by the Boards of Directors of both companies.

[Moderator edit: Please quote no more than one sentence. Thanks]

[TheGerbil]

I'm pretty excited by the news. This will make PNC even bigger. And I'm glad to see that our local banks are holding up in this financial crisis, so well in fact that PNC is able to buy out struggling National City. Very nice.

[The Voice of Reason]

I'm pretty excited by the news. This will make PNC even bigger. And I'm glad to see that our local banks are holding up in this financial crisis, so well in fact that PNC is able to buy out struggling National City. Very nice.

[facilities man]

to be fair your biggest bank had to buy out your 2nd biggest bank under a federal plan to keep the two from failing. PNC would have limped through, but with this 7.7 Billion, and more than doubling its deposits and branches. WOWSA

PNC is safe and it is here to stay!

does anyone know if Mellon is adding people or loosing people due to the BNY merger?

from what I understand this was definately a streight merger, but also, all the Mellon people are in charge according to some people I know who work there.

so how is this working out as far as jobs?

I know they are adding lots of operations jobs in Lake Mary Florida, but no clue on whois winning for corporate jobs

[The Voice of Reason]

Corporate jobs will be in NY, that's where the headquarters is. Pittsburgh has the bigger base of office type jobs and should keep it since it is much cheaper to higher and keep talent in PIT than in NY. The Orlando / Lake Mary Operations center should grow since it will be handling two large banks instead of one. A lot of those jobs will be merged though, that's a big reason companies merge. The same jobs get done by the same people. The dollar figures they work with increase, but that doesn't require more labor.

[facilities man]

I know a lot about mergers, but my questions are more specific about this peticular merger. I have some contacts at BNY-Mellon in NY that think the company is moving more towards mellon practices, and that this will favor Pittsburgh. Also Lake Mary is booming because they jost got the contract for the 700Billion fed bailout thing. and well honestly my job is being sourced to BNY-M in lake mary. so I can surely get a job with them, I just dont want to take a job in Pitt for it to only be moved to NY or what have you.

you know just hoping some of the locals knew more than the guys I work with in Florida and NYC

[The Voice of Reason]

I'm local to B-NY in Lake Mary. Their building is 5 minutes from where I work, but I don't have any inside info. I can tell you it's a nice area to live and work, and I moved here from Pgh many years ago. That's one reason I check in on the PGH forum...

[TheGerbil]

to be fair your biggest bank had to buy out your 2nd biggest bank under a federal plan to keep the two from failing. PNC would have limped through, but with this 7.7 Billion, and more than doubling its deposits and branches. WOWSA

[The Voice of Reason]

National City is based in Ohio (Cleveland, I think). Or were you refering to another bank? Perhaps another buyout happened that I didn't hear about.

As far as BNY-Mellon, I don't know the details, but I think I heard that they added some jobs here in Pgh.