Shares of PNC Financial Services (NYSE: PNC ) climbed following presentations by its Chairman, President and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly.
Management discussed business performance, strategy and banking at the Barclays Global Financial Services Conference in New York City.
Demchak and Reilly said net interest income is expected to decline, but they also mentioned a structural program on expenses to be announced on earnings day.
“The big positive surprise was a teaser for a structural cost savings program, details of which PNC will discuss on the 3Q earnings call. This would go beyond PNC’s typical Continuous Improvement Plan (CIP) and be intended to drop to the bottom line,” said Piper Sandler analysts.
The Piper analysts viewed the guidance as positive overall and they think it will put upward pressure on EPS estimates.
Shares of PNC climbed by over 5.5% following the presentation.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.