PNC Bank CEO: Commercial Loan Troubles Are ‘Just Beginning’

by LJ Miehe on May 28, 2009

Editor’s Note:  They are just the beginning, all these financial products are connected in some way so when there is a serious decline in one of them, they all are affected.  Since the start of this blog, I have been touting that commercial loans are the next shoe to drop and guess what, its a dropping.

News (Dow Jones):

The head of a Pittsburgh regional bank delivered a dark forecast for the U.S. economy on Wednesday, even as he touted his own firm’s ability to weather the financial crisis.

The U.S. unemployment rate will easily reach 10% and troubles among commercial loans are “just beginning,” James Rohr, chief executive of PNC Financial Services Group Inc. (PNC), told analysts at a conference hosted by Sanford C. Bernstein & Co.

Rohr said his firm is ready to re-pay the U.S. government’s $7.6 billion investment in PNC “as soon as possible.” He also said, however, that PNC would carefully review the government’s pending stipulations for re-paying the government before doing so. 

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