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MarketScreener Homepage  >  Equities  >  Nyse  >  PNC Financial Services Group    PNC

PNC FINANCIAL SERVICES GROUP (PNC)
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Fed Fines Five Large Banks -- WSJ

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01/13/2018 | 08:48am CEST
By Ryan Tracy 

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (January 13, 2018).

WASHINGTON -- The Federal Reserve fined five big banks a total of $35.1 million for issues related to financial-crisis-era mortgage servicing and foreclosures, while also moving them out of the penalty box for what it said was a "substantial improvement" in their practices.

The fines relate to deficiencies that regulators saw in the wake of a meltdown in the U.S. housing market around the 2008-09 financial crisis.

Goldman Sachs Group Inc. was fined $14 million; Morgan Stanley, $8 million; CIT Group Inc., $5.2 million; U.S. Bancorp, $4.4 million, and PNC Financial Services Group Inc., $3.5 million.

The five firms had been slapped with enforcement actions in 2011 and 2012 for what the Fed said were "deficiencies in residential mortgage loan servicing and foreclosure processing."

The Fed said the firms have made "substantial improvement" in their practices.

The central bank didn't provide an explanation for the timing of the penalties. Banks can be subject to enforcement orders for years before they remediate regulators' concerns.

Separately, the Fed penalized Goldman Sachs $90,000 for violations related to the National Flood Insurance Act.

Representatives of U.S. Bancorp, CIT and PNC said they were pleased the matter has been resolved. Morgan Stanley declined to comment. Goldman Sachs didn't reply to a request for comment.

Write to Ryan Tracy at ryan.tracy@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CIT GROUP INC. -0.81% 53.85 Delayed Quote.9.38%
GOLDMAN SACHS GROUP -0.87% 235.34 Delayed Quote.-7.62%
MORGAN STANLEY -0.94% 49.41 Delayed Quote.-5.83%
PNC FINANCIAL SERVICES GROUP -0.31% 144.01 Delayed Quote.0.12%
US BANCORP -0.38% 55.14 Delayed Quote.3.30%
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Financials ($)
Sales 2018 17 257 M
EBIT 2018 6 761 M
Net income 2018 5 047 M
Debt 2018 -
Yield 2018 2,38%
P/E ratio 2018 13,42
P/E ratio 2019 12,40
Capi. / Sales 2018 3,87x
Capi. / Sales 2019 3,69x
Capitalization 66 864 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 159 $
Spread / Average Target 10%
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Managers
NameTitle
William Stanton Demchak Chairman, President & Chief Executive Officer
E. William Parsley Chief Operating Officer & Executive Vice President
Robert Q. Reilly Chief Financial Officer & Executive Vice President
Steven C. van Wyk Executive VP, Head-Technology & Innovation
Deborah Guild Chief Information & Security Officer
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