PNC’s purchase uses the $14 billion it raised from selling its stake in BlackRock to fuel an expansion into Texas and California and compete with U.S. retail banking giants such as JPMorgan Chase and Bank of America.
The rule requires that 20 of the biggest U.S. lenders be able to rely on stable funding sources, such as long-term debt and customers’ deposits, in the event of a year long liquidity drought.
