PNC Financial to Cut 5,800

Pittsburgh’s PNC Financial Services Group plans to cut 5,800 jobs following its recent purchase of National City, and posted a Q4 loss of $248 million.

Revenue increased 3% to $1.68 billion.

In December, PNC paid $3.9 billion for Cleveland-based National City, after the lender struggled with losses from subprime mortgages and other troubled assets. PNC used part of a $7.6 billion infusion it got from the government’s Troubled Asset Relief Program to buy the bank.

The combined company is the seventh-largest US bank, with $291.1 billion of assets and 2,589 branches.

PNC expects the job cuts to affect 9.7% of the combined banks’ 59,595-person workforce. It expects to complete the cuts by 2011.