Posted Thursday, October 30, 2008
Featured on Episode 7 of the 2008-2009 season
Along with many other financial institutions across the country, Cleveland-based National City Corporation will be absorbed by a bigger, some say a stronger, company. If the deal goes through, Pittsburgh-based PNC Financial Services will own National City for $5.7 billion. Downtown Cleveland is home to what once was the country's tenth largest bank, National City. PNC says most of the thousands of people who work for National City will be able to keep their jobs, but experts say some local jobs are bound to be cut. Meanwhile, other Ohio banks, such as Fifth Third, Huntington and Key Bank received billions of dollars from the federal government to help them stay afloat.
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