Summary
PNC Financial Services Group, Inc. (PNC) filed an 8-K on September 30, 2005, to announce a significant change in its business segment reporting structure. In alignment with its 'One PNC Initiative,' the company has reorganized its banking operations into two primary segments: Consumer Banking and Institutional Banking. This new structure consolidates previous reporting segments, including Regional Community Banking, Wholesale Banking, and PNC Advisors, to better reflect its focus on consumer and small business customers versus middle market and corporate customers. This filing provides updated historical financial data for these new segments for various past periods, including quarterly and year-to-date data up to June 30, 2005, and annual data for 2003 and 2004. This information is crucial for investors seeking to understand the performance of PNC's core banking businesses under the new organizational framework and to analyze trends and performance comparisons across different periods. The reporting changes do not impact financial reporting for BlackRock, Inc. and PFPC.
Key Highlights
- 1PNC Financial Services Group has reorganized its banking businesses into two new reportable segments: Consumer Banking and Institutional Banking.
- 2This restructuring is part of the 'One PNC Initiative' announced previously.
- 3The new segments are Consumer Banking (consumer and small business customers) and Institutional Banking (middle market and corporate customers).
- 4Previous segments like Regional Community Banking, Wholesale Banking, and PNC Advisors are consolidated under the new structure.
- 5The filing includes furnished historical financial information for these new segments across multiple past periods (quarterly, year-to-date, and annual).
- 6Financial reporting for BlackRock, Inc. and PFPC remains unaffected by these changes.