PNC Financial (PNC +3.9%) CEO James Rohr outlines cuts of ~$550M, or 6% of expenses, and takes a...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

PNC Financial (PNC +3.9%) CEO James Rohr outlines cuts of ~$550M, or 6% of expenses, and takes a bit of a jab at "Project New BAC": “We called [our plan] continuous improvement." He sees an improved banking sector: "This is not 2008. U.S. banks have more than doubled their capital reserves, liquidity has improved and profitability has returned across the industry."