PNC Financial Services Group slashes dividend 85%, expects to save $1 billion annually

PNC Financial Services Group Inc. said it is slashing its quarterly dividend 85% for savings of about $1 billion annually. Pittsburgh-based PNC joins a growing list of banks, including JPMorgan Chase & Co., that cut their dividends to shore up capital amid the market and economic turmoil. PNC, which bought troubled Cleveland bank National City Corp. last year, is reducing its dividend to 10