PNC Cuts Costs as Efficiency Ratio Falls to 57% in Q3
PNC said its efficiency ratio improved to 57% in the third quarter from 60% in the prior period, while noninterest expense fell 8%. The bank attributed the decline to lower compensation costs and continued expense discipline.
PNC improved its efficiency ratio to 57% in the third quarter, down from 60% in the prior period, as it reduced noninterest expense by 8%. The decline reflected lower compensation costs and what the bank called continued expense discipline. Integration costs tied to the FirstBank acquisition fell t…