Finance

Net interest income was $22.9 billion in the third quarter, above analysts' expectations. The biggest U.S. bank says it now expects to generate $88.5 billion from the revenue source this year.

The job cuts came after CEO Bill Demchak said in July that he was "taking a hard look" at opportunities to reduce expenses. PNC joins a growing list of banks that have laid off workers amid declining growth prospects.

Other banks likely will follow the lead of the Richmond, Virginia, company and tap the equity in their branch networks as alternative sources of capital grow more costly, experts say.

The shape it takes could have implications for how Fannie Mae and Freddie Mac price loans for nonbanks and depositories.

The Fed's meteoric increase in the federal funds rate over the last 18 months has left banks holding billions in unproductive investment securities. Helping them would be good for the economy.

Credit cards and auto loans both showed weakness in the second quarter, leading to an uptick in delinquencies and charge-offs for U.S. credit unions.

In a deal arranged by the Federal Deposit Insurance Corp., the Pittsburgh bank has bought a portfolio from the wreckage of Signature Bank. The purchase should help PNC expand its fund banking business, which helps private equity firms manage liquidity and finance investments in the short term.

A remnant of the failed bank, now owned by First Citizens, is trying to reclaim its once-prominent role in venture-debt lending to startups. But competition from HSBC and JPMorgan Chase as well as fintechs has multiplied in recent months.

The Royal Bank of Canada has made a series of transactions that should boost the profitability of its struggling U.S. subsidiary. Debt securities that had been owned by City National have lost value as a result of rising long-term bond yields.

A proposed settlement between the Philadelphia-based community bank and an activist investor group that has waged a nearly two-year battle for control also calls for overhauling the board of directors.