NEW YORK- PNC Financial has pounded higher in morning trade. Investors were pleased with the stronger than expected results of Citigroup the banking giant which has appeared to recover from the problems it faced in 2008 and 2009 which nearly led to its collapse. The banking giant reported net income of 7 cents a share or $2.2 billion. Investors are hoping that the major banks that report this week will also report strong results.
PNC Financial located in Pittsburgh Pennsylvania is largely regarded as the strongest and best run bank in the country. The company was not involved in many of the sub prime problems that plagued Bank of America, Wachovia and Citigroup. PNC has reassured investors that at least one bank in the U.S. still does it the right way. PNC has been a model for the banking community over the last two years as it has reminded other corporations that a bank can still be profitable without taking excessive risks.
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