BNY Mellon May Buy PNC Unit For $2.5 Billion

Bank of New York Mellon is looking to buy a unit of PNC Financial Services for nearly $2.5 billion, The Wall Street Journal reports. PNC will use funds to pay down $7.6 billion in government Troubled Asset Relief Program funds. The Delaware-based PNC Global Investment Servicing provides back-office processing for financial advisers, fund managers and brokers. The unit oversees $1.8 trillion in assets for nearly 75 million shareholder accounts. Click here for the complete story.