The PNC Rises to the Top (NYSE: PNC)

NEW YORK- PNC financial is the top major U.S. bank gainer on the day. The shares of the Pittsburgh based banking giant have begun to surge as investors have eased concerns about the foreclosure scandal. The scandal which swept across the United States last week involves banking employees not properly reviewing necessary documents and improperly foreclosing on homes. Analysts worry that the banks will face liabilities. One also has to wonder how much of the liability will be directed to the employees who committed these liabilities.

Bank of America reported $3.1 billion of profit for their third quarter results today excluding a one time charge for the impairment of goodwill. This has sent financials mostly higher on the day. PNC will report its earnings on Thursday. Investors will pay special attention to the PNC report. PNC the 6th largest financial institution in the United States by assets and is largely regarded as the bank that did it the right way during the financial criss as it was not heavily involved in sub prime mortgage loans that have hampered Citigroup and Bank of America over the last two years.