Good morning. My name is Cheret, and I will be your conference operator today. At this time, I would like to welcome everyone to the PNC Financial Services Group Second Quarter Investor Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session. (Operator Instructions). Thank you.
The recent talk of a fiscal cliff compromise from Republicans and Democrats appear to have dissolved as leaders of both sides leveled pointed criticism at the other for failing to offer a truly balanced plan for taxes and spending cuts. So what's next?
Margin pressure, regulatory hurdles and intense competition will test the nation's smallest banks next year, industry experts predict. Those issues could lead to a resurgence of consolidation among community banks.