U.S. Bancorp, BlackRock, Ohio banks

U.S. Bancorp reported that its third-quarter earnings fell 47% to $576 million, or 32 cents a share, from $1.1 billion, or 62 cents a share, in the year-ago period. The Minneapolis–based bank incurred $748 million in provisions for credit losses compared to $199 million in the third quarter of 2007. BlackRock Inc. saw profits drop 15% in the third quarter to $217.7 million, or $1.62 a share, from $255.2 million, or $1.94 a share, a year earlier. Assets under management at the New York-based firm declined 12% from the end of June and 3% from the year-ago period, to $1.26 trillion. The asset manager reported $53.8 billion of net outflows in prime money market funds in the quarter. National City Corp. posted a net loss of $729 million, or 85 cents a share, and announced plans to slash 4,000 jobs, or 14% of its work force, over the next three years. The Cleveland-based bank posted $1.2 billion in loan-loss provisions, more than triple the $368 million charge taken in the third quarter of 2007. Fifth Third Bancorp reported a quarterly loss of $56 million, or 14 cents a share, compared to net income of $325 million, or 61 cents a share, in the third quarter last year. The bank attributed the results to higher credit costs. The Cincinnati-based bank set aside $941 million for loan losses during the third quarter, up from $139 million a year-earlier. KeyCorp reported a third-quarter loss of $36 million, or 10 cents a share, compared to net income of $224 million, or 57 cents a share, in the year-ago period. The Cleveland-based bank increased loan-loss reserves to $1.55 billion, up from $955 million a year ago.