On the ground in Pittsburgh I know it seems like this is a case of the big fish gobbling up the smaller fish, but for sure National City was once the much larger institution. Go back a few years and suggest PNC was going to buy NatCity and you would have been laughed at for not predicting it would happen the other way around if anything.
Forbes has a short positive headline on it: PNC Does Good.
but the Financial Times suggests PNC had to have "beer goggles" on to consumate the deal.
PG does something I like to do and look at these types of stories from the other angle. In Cleveland they are clearly gnashing, but more interesting is to read through the voluminous comments on the Cleveland Plain Dealer's story. No real place for commenting like that here in Pittsburgh. The occasional political spasm over on BR may be an exception... but in general no local media outlet has really invited that kind of interactivity.
update: as of Sat afternoon there are over 350 comments on the Plain Dealer's site you can read via that link. Some are worth reading, but one shows sign of quickly getting to acceptance
And, hey, at least PNC's name is on the Pirate's ballpark, not the Steeler's stadium. :)me: if the Dawg Pound accepts the deal, things are pretty bad up the road.
PG does go into the potential negative consequences of the deal. There are some issues for sure, though I am not sure it adds up to as much as the PG story would lead you to believe. One exception to that would be the negative impact on media advertising in town. Like the demise of Kaufmann's before it, this is just another hull shot on all local news enterprises. No more Nat City advertising needed and I don't think this will increase PNC's advertising demand much.
More media watching... Sunday's PG has a joint story written by both the PG and the Cleveland Plain Dealer on the PNC/NatCity merger. You know, it's no big secret that the PG owners would like to sell if they could. Maybe Newhouse Newspapers (publisher of the Plain Dealer) could buy the Post-Gazette and we could call it an even trade.
and on the bigger picture. Maybe capitalism really will survive all of this turmoil. I wondered if Jim Rohr had at least some unhappy thoughts about all the bailout money being spent on all the financial institutions in the country that were in such worse shape than PNC .. not even to imply PNC was in bad shape at all. It sure looked like folks were being rewarded for bad decisions and those who had weathered the storm were being left out. It must have seemed a bit unfair though to their credit I never heard a peep like that from anyone at PNC. But if the invisible hand has not been amputated, the PNC/NatCity deal shows that good may displace bad in the long run (with a little help by the not so invisible hand of big brother).