What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to update PNC's historical consolidated financial statements to reflect a new business segment reporting structure. This change is due to a reorganization of PNC's banking businesses into two distinct units: Consumer Banking and Institutional Banking.

Does this filing change PNC's previously reported financial results, like net income?

No, this filing explicitly states that the information included does not in any way restate or revise PNC's net income in any previously reported consolidated financial statements. It is a change in how the company reports its segments, not a change in its financial performance.

How will these updated financial statements be used?

The updated historical audited consolidated financial statements, reflecting the new segment disclosures, will be used for existing and future filings made pursuant to the Securities Act of 1933 until PNC files its Annual Report on Form 10-K for the fiscal year ending December 31, 2005.

What were the previous reporting segments, and how have they been reclassified?

Previously reported segments included Regional Community Banking, Wholesale Banking, and PNC Advisors. These have now been reclassified to align with the new Consumer Banking and Institutional Banking segments. The Consumer Banking segment now includes consumer and small business customers, while the Institutional Banking segment covers middle market and corporate customers.

PNC 8-K: Earnings & Results

Summary

This 8-K filing by The PNC Financial Services Group, Inc. (PNC) on December 28, 2005, primarily serves to update historical consolidated financial statements with revised business segment reporting. Following a reorganization, PNC has consolidated its banking operations into two main segments: Consumer Banking (for consumer and small business customers) and Institutional Banking (for middle market and corporate customers). This reclassification affects prior reporting periods previously categorized under Regional Community Banking, Wholesale Banking, and PNC Advisors. Importantly, this filing does not restate or alter PNC's previously reported net income. The updated financial statements, which are incorporated by reference, will be used for future filings until the annual report for the fiscal year ending December 31, 2005. This move aims to provide clearer and more aligned reporting for investors regarding the company's operational structure. The filing also includes updated reports on internal controls over financial reporting, along with the consent of their independent registered public accounting firm, Deloitte & Touche LLP. Investors should note that while the segment reporting has been updated for clarity, the core financial performance, specifically net income, remains consistent with prior disclosures. The reclassification is a structural change in how PNC presents its banking operations, rather than a change in its financial results.

Key Highlights

1PNC is filing an 8-K to update historical consolidated financial statements with new business segment reporting.
2The company has reorganized its banking operations into two primary segments: Consumer Banking and Institutional Banking.
3This reclassification impacts historical data previously reported under Regional Community Banking, Wholesale Banking, and PNC Advisors.
4The updated reporting structure does not change or restate PNC's previously reported net income.
5The revised financial statements will serve as the historical audited consolidated financial statements for future filings until the end of fiscal year 2005.
6The filing includes updated Reports of Internal Control over Financial Reporting.
7Consent of Deloitte & Touche LLP, the independent registered public accounting firm, is also provided.

PNC FINANCIAL SERVICES GROUP, INC. 8-K Report, Financial Results (Dec 28, 2005)

Summary

Key Highlights

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