Business
The Securities and Exchange Commission has widened its investigation of PNC Financial Services Group’s accounting, sending subpoenas to the company’s auditor, Ernst & Young, and a company partner, American International Group Inc.
Feb. 21, 2002
A unit of the bank allegedly hid loans and venture capital investments to inflate 2001 earnings by 52%.
June 3, 2003
The bank uses cash from the federal bailout program to make the acquisition.
Oct. 25, 2008
U.S. regulators are weighing whether to sue American International Group Inc. on grounds of helping PNC Financial Services Group cloak bad loans on PNC’s books.
Sept. 22, 2004
Salvaging a deal that had appeared dead this week, PNC Financial Services Group Inc. struck an agreement to pay about $642 million in cash and stock for Riggs National Corp., an old-line Washington institution that ran into legal trouble over suspicious financial transactions.
Feb. 11, 2005
PNC Financial Services Group reduced 2001 net income by about $155 million after the Federal Reserve forced it to restate its earnings.
Jan. 30, 2002
The Securities and Exchange Commission is investigating accounting firm Ernst & Young for its role in designing and then auditing a financial product that PNC Financial Services Group Inc. allegedly used to inflate profit, an Ernst & Young spokesman said Tuesday.
Dec. 8, 2004
PNC Financial Services Group Inc., one of the nation’s largest regional banks, said Monday that it was buying Baltimore-based Mercantile Bankshares Corp. for about $6 billion as part of an expansion plan targeting fast-growing, upscale markets.
Oct. 10, 2006
The Justice Department has opened a criminal probe into whether American International Group Inc. helped a major banking client move bad loans off its books, AIG said.
Sept. 30, 2004
PNC Financial Services Group Inc. avoided monetary penalties, but will face stricter federal scrutiny after regulators questioned its accounting and record-keeping practices.
July 19, 2002