Shares of PNC Financial Services Group Inc. (PNC) fell early Tuesday but later recovered as the bank’s earnings slumped on a regulatory ch🍬arge and costs for layoff𓆏s. 

PNC reported fourth-quarter 2023 net income tumbled 43% to $883 million, or $1.85 per share, less than forecasts. Revenue dropped 7% to $5.36 billion, slightly better than 澳洲幸运5开奖号码历史查询:estimates.

The bank said that it paid $515 million for a 澳洲幸运5开奖号码历史查询:Federal Depo🐬sit Insurance Corp.꧙ (FDIC) special assessment on big financial firms that was related to the collapse of Silicon Valley Bank and Signature Bank in early 2023. Executives also said the bank took $150 million in charges for workforce reductions. It pointed out that without those charges, 澳洲幸运5开奖号码历史查询:earnings per share (EPS) would have been $3.16.

The company said net interest income was down $281 million from the year-earlier quarter and that net interest margin slipped 26 澳洲幸运5开奖号码历史查询:basis points (bps). It noted that for both, the benefit of higher interest-earning asset yields was more than offset by inc𒈔reased funding cos♛ts.

PNC also provided current-quarter revenue guidance of a decline of 3% to 4% and net interest income falling 2% to 3%.

Shares of PNC Financial Services🌊 Group dropped as much as 2.4% early Tuesday but recovered to trade fl♊at by midday. The stock is down 7.6% over the last year.