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BofA Cuts May Aid PNC as Rivals Challenge Too-Big-to-Fail Firms

PNC Financial Services Group Inc., U.S. Bancorp and Toronto-Dominion Bank are among firms that may benefit as Bank of America Corp. sells assets to raise capital.

PNC this year pushed deeper into the southeast, a Bank of America stronghold, with the purchase of Royal Bank of Canada’s U.S. retail unit. U.S. Bancorp is investing in corporate banking and wealth management, a domain of BofA’s Merrill Lynch, as it increases offerings for high-net-worth clients. Toronto-Dominion agreed last month to buy Bank of America’s credit-card business in Canada and also has expanded in the U.S.