PNC Financial Services Group Inc. (NYQ:PNC) announced Tuesday that it lost $248 million (77 cents per share) during the fourth quarter of 2008, mostly due to its December 31 acquisition of Cleveland-based National City Corp. PNC also said that it would eliminate 5,800 positions by 2011, which is about 10% of its 59,595 employees.

PNC's 4Q loss is a remarkable difference from its 2007 4Q, where they say a net income of $178 million (52 cents per share).

Full year net income for 2008 at PNC was $882 million, or $2.46 per share. This is compared to $1.47 billion, or $4.35 per share for full year 2007.

Had PNC not acquired National City, its net income for 2008 would have been $1.3 billion, or $3.78 per share for the full year, and $132 million (32 cents per share) for the fourth quarter.

PNC revealed on January 21 that it expected to report a fourth quarter loss related to the National City acquisition, and a profit for full year 2008.