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This excerpt taken from the PNC 8-K filed Oct 22, 2009. Global Investment Servicing Global Investment Servicing earned $19 million for the third quarter of 2009 compared with $12 million for the second quarter of 2009 and $34 million for the third quarter of 2008. The increased earnings compared with the linked quarter were the result of higher net operating income due to improved markets and lower operating expense, and a legal contingency reserve recorded in the second quarter of 2009. The decrease in earnings from the prior year quarter reflected lower market levels. Global Investment Servicing overview:
This excerpt taken from the PNC 8-K filed Jul 23, 2009. Global Investment Servicing Global Investment Servicing earned $12 million for the second quarter of 2009 compared with $33 million for the second quarter of 2008 and $10 million for the first quarter of 2009. Results for second quarter 2009 were hampered by the continued negative impact of the financial markets on servicing revenue and an increase to a legal contingency reserve established in the first quarter of 2009. Global Investment Servicing overview:
This excerpt taken from the PNC 10-Q filed May 11, 2009. Global Investment Servicing Global Investment Servicing earned $10 million for the first quarter of 2009 compared with $30 million for the same period of 2008. Results for 2009 were negatively impacted by continued declines in asset values and fund redemptions as a result of the deterioration of the financial markets that began in the fourth quarter of 2008 and the establishment of a legal contingency reserve. This excerpt taken from the PNC 8-K filed Apr 23, 2009. Global Investment Servicing Global Investment Servicing earned $10 million for the first quarter of 2009 compared with $30 million for the first quarter of 2008 and $25 million for the fourth quarter of 2008. Results for first quarter 2009 were negatively impacted by the continued deterioration of the financial markets and a legal contingency reserve. Global Investment Servicing overview:
This excerpt taken from the PNC 10-K filed Mar 2, 2009. Global Investment Servicing Global Investment Servicing earned $122 million for 2008 and $128 million for 2007. Results for 2008 were negatively impacted by declines in asset values and fund redemptions as a result of severe deterioration of the financial markets during the fourth quarter. This excerpt taken from the PNC 8-K filed Feb 3, 2009. Global Investment Servicing Global Investment Servicing earned $122 million in 2008 compared with $128 million in 2007. Results for 2008 were negatively impacted by declines in asset values and fund redemptions as a result of severe deterioration of the financial markets during the fourth quarter. Global Investment Servicing earned $25 million for the fourth quarter of 2008 compared with $32 million for the fourth quarter of 2007 and $34 million for the third quarter of 2008. Servicing revenue decreased $1 million from the fourth quarter of 2007 and $21 million, or 9 percent, from the linked quarter. Servicing revenue was negatively impacted by declines in equity market values. In the comparison with the prior year quarter, these declines were partially offset by the acquisitions of Albridge Solutions Inc. and Coates Analytics, LP in December 2007 and opportunities the market provided for securities lending activities. Operating expense increased $7 million, or 4 percent, from the year ago quarter and decreased $13 million, or 7 percent, compared with the linked quarter. The increase over the fourth quarter of 2007 was largely due to investments in technology, a larger employee base to support business growth and costs related to the acquisitions. The decrease in the linked quarter comparison resulted from cost reduction initiatives to lower operating expense in tandem with the revenue slowdown associated with volatile global markets. Global Investment Servicing provided accounting/administration services for $839 billion of net fund assets and provided custody services for $379 billion of fund assets as of December 31, 2008 compared with $990 billion and $500 billion, respectively, at December 31, 2007 and $907 billion and $415 billion, respectively, at September 30, 2008. The decrease in assets serviced in both comparisons was due to declines in asset values and fund outflows resulting from market conditions particularly in the fourth quarter of 2008. Total fund assets serviced by Global Investment Servicing were $2.0 trillion at December 31, 2008 compared with asset servicing levels of $2.5 trillion at December 31, 2007 and $2.3 trillion at September 30, 2008.
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PNC Reports Full Year 2008 Net Income of $882 Million Including Acquisition Costs or $1.3 Billion Excluding Costs Related to Acquisitions – Page 11
This excerpt taken from the PNC 10-Q filed Nov 6, 2008. Global Investment Servicing Global Investment Servicing, formerly PFPC, earned $97 million for the first nine months of 2008 and $96 million for the first nine months of 2007. Earnings from Global Investment Servicing totaled $34 million in the third quarter of 2008 compared with $33 million in the third quarter of 2007. While servicing revenue growth was realized through new business, organic growth, and the completion of two acquisitions in December 2007, increased costs related to this growth and the acquisitions largely offset the increases in both comparisons. This excerpt taken from the PNC 8-K filed Oct 16, 2008. Global Investment Servicing Global Investment Servicing earned $34 million for the third quarter of 2008 compared with $33 million for both the third quarter of 2007 and second quarter of 2008. Servicing revenue increased $27 million, or 13 percent, from the third quarter of 2007 and declined $1 million from the linked quarter. The increase compared with the 2007 quarter primarily resulted from the acquisitions of Albridge Solutions Inc. and Coates Analytics, LP in December 2007, growth in offshore operations and opportunities the market provided for securities lending. Operating expense increased $28 million, or 18 percent, from the year ago quarter and $1 million compared with the linked quarter. The increase compared with third quarter 2007 was largely due to investments in technology, a larger employee base to support business growth and costs related to the acquisitions. Global Investment Servicing provided accounting/administration services for $907 billion of net fund assets and provided custody services for $415 billion of fund assets as of September 30, 2008 compared with $922 billion and $497 billion, respectively, on September 30, 2007 and $988 billion and $471 billion, respectively, at June 30, 2008. The decrease in assets serviced in both comparisons was due to declines in asset values and fund outflows resulting from market conditions in the third quarter of 2008. Total fund assets serviced by Global Investment Servicing were $2.3 trillion at September 30, 2008 compared with asset servicing levels of $2.5 trillion at September 30, 2007 and $2.6 trillion at June 30, 2008. This excerpt taken from the PNC 10-Q filed Aug 8, 2008. Global Investment Servicing Our Global Investment Servicing business segment, formerly PFPC, earned $63 million for the first six months of both 2008 and 2007. Earnings from Global Investment Servicing totaled $33 million in the second quarter of 2008 compared with $32 million in the second quarter of 2007. In the quarter comparison, increases in servicing revenue resulting from the impact of acquisitions and growth in offshore operations were offset by higher operating expenses resulting from investments in technology, a larger employee base to support business growth and costs related to acquisitions. This excerpt taken from the PNC 8-K filed Jul 17, 2008. Global Investment Servicing Global Investment Servicing, formerly known as PFPC, earned $33 million for the second quarter of 2008 compared with $32 million for the second quarter of 2007 and $30 million for the first quarter of 2008. Servicing revenue increased $28 million, or 13 percent, from the second quarter of 2007 and $6 million, or 3 percent, from the linked quarter. The increase compared with the 2007 quarter primarily resulted from the acquisitions of Albridge Solutions Inc. and Coates Analytics, LP in December 2007 and growth in offshore operations. The linked quarter increase reflected fee income growth primarily from new business and growth from existing clients. Operating expense increased $28 million, or 18 percent, from the year ago quarter and $5 million, or 3 percent, from the linked quarter as a result of investments in technology, a larger employee base to support business growth and costs related to the acquisitions. Global Investment Servicing provided accounting/administration services for $988 billion of net fund assets and provided custody services for $471 billion of fund assets as of June 30, 2008 compared with $868 billion and $467 billion, respectively, on June 30, 2007 and $1.0 trillion and $476 billion, respectively, at March 31, 2008. Total fund assets serviced by Global Investment Servicing were $2.6 trillion at June 30, 2008 compared with asset servicing levels of $2.4 trillion at June 30, 2007 and $2.6 trillion at March 31, 2008. | EXCERPTS ON THIS PAGE:
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