PNC Financial (PNC) to Incur Additional $130M in FDIC Fees in Q1

PNC Financial Services Group (PNC) , in a filing, announced an increase in its non-interest expense for first-quarter 2024 owing to higher special assessment fees.In fact, the bank expects to incur an additional $130 million on a pre-tax basis related to the revised special assessment.Following the failures of Silicon Valley Bank and Signature Bank in March 2023, large banks have been subjected to make payments as special assessment fees over eight quarters, starting in the ongoing quarter, to replenish the ...