PNC Financial Services Group Inc. said Thursday that it will sell 15 million common shares to shore up its capital position as directed by the federal government in response to its stress test.

The Pittsburgh company was told last week that it needed to boost capital by $600 million. It was the smallest of the 10 banking companies identified by regulators as needing more equity.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.