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    PNC Financial Services Group Inc (PNC)

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    Business Description

    PNC is one of the largest diversified financial services companies in the U.S., headquartered in Pittsburgh, Pennsylvania, with a coast-to-coast retail branch network and strategic international offices in four countries outside the U.S. The company operates through three main business segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group . PNC offers a wide range of financial products and services, including deposit accounts, lending products, investment management, and advisory services . Revenue is generated from net interest income and noninterest income, with significant contributions from the Corporate & Institutional Banking segment .

    1. Corporate & Institutional Banking - Offers lending, treasury management, capital markets and advisory services, and commercial mortgage banking activities to mid-sized and large corporations, government, and not-for-profit entities. Provides products like secured and unsecured loans, letters of credit, and equipment leases .

    2. Retail Banking - Provides a wide range of products and services, including deposit accounts, lending products such as residential mortgages and credit cards, brokerage, insurance services, investment management, and cash management products. These services are offered through branches, digital channels, ATMs, and phone-based customer contact centers .

    3. Asset Management Group - Focuses on private banking for high net worth individuals and institutional asset management. Provides investment and retirement planning, customized investment management, credit and cash management solutions, and fiduciary services .

    Key Metrics

    View all financials →
    Revenue by Segment - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Retail Banking3,39112,9253,3814,1183,4843,53214,5153,532
    - Net Interest Income-1,032(2,337)(1,030)(1,101)(1,122)14,18610,9332,826
    - Noninterest Income17181(1)(477)494,0113,582706
    Corporate & Institutional Banking2,6059,2692,4082,4732,6182,7310,2292,630
    Asset Management Group381,4523873984034131,601427
    Residential Mortgage Banking--------
    BlackRock--------
    Non-Strategic Assets Portfolio--------
    Other-1,015(2,156)(1,031)(1,578)(1,073)-1,108(4,790)(1,113)
    Asset Management and Brokerage361,4121373643836011,485391
    Capital Markets and Advisory41595219027237155888217
    Card and Cash Management7042,7332817066981,0432,728692
    Lending and Deposit Services4391,233171304320-44751185
    Residential and Commercial Mortgage28462597131181-29211729
    Other Income2376191733269-3437511
    Total Noninterest Income2,1937,5741,8812,1092,0222,0448,0561,927
    Total Revenue5,36121,4905,1455,4115,4325,56721,5555,452
    Revenue by Geography - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Americas--------
    Europe--------
    Asia-Pacific--------
    Total Revenue--5,145----5,452
    KPIs - Metric (Unit, Scale)FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Number of branches (count)-2,2992,2712,2472,242---
    Brokerage account client assets (billions)-78818184---
    Commercial mortgage serviced portfolio balance (billions)-288287289289---
    MSR asset value for commercial mortgage (USD millions)-1,0321,0751,082975---
    Residential mortgage servicing portfolio balance (billions)-209207204200---
    MSR asset value for residential mortgage (USD billions)-2.72.72.72.5---
    Weighted-average loan origination FICO for indirect auto (FICO score)-788788790792---
    Weighted-average loan origination term for indirect auto (months)-73737272---
    Weighted-average loan origination FICO for direct auto (FICO score)-787787786785---
    Weighted-average loan origination term for direct auto (months)-65656565---
    Net charge-offs for Commercial and Industrial (USD millions)--------
    Net charge-offs for Commercial Real Estate (USD millions)-26616130---
    Net charge-offs for Equipment Lease Financing (USD millions)-6------
    Net charge-offs for Residential Real Estate (USD millions)-4111---
    Net charge-offs for Home Equity (USD millions)--------
    Net charge-offs for Automobile (USD millions)--------
    Net charge-offs for Credit Card (USD millions)--------
    Net charge-offs for Education (USD millions)-11------
    Net charge-offs for Other Consumer (USD millions)--------
    Net charge-offs for Total Commercial (USD millions)-26616130---
    Net charge-offs for Total Consumer (USD millions)-463------
    Net charge-offs for Total Loans (USD millions)-463139277418---

    Leadership

    NamePositionExternal RolesShort Bio

    William S. Demchak

    ExecutiveBoard

    Chairman, President, and CEO

    Member of The Business Council; Member of Federal Advisory Committee for the Federal Reserve

    Joined PNC in 2002; became CEO in 2013 and Chairman in 2014; led PNC to record revenue and net income in 2022.

    		View Report →

    Alexander E. C. Overstrom

    Executive

    Head of Retail Banking

    None

    Joined PNC in 2014; led small business and merchant services; announced $500M investment in branch expansion.

    Carole L. Brown

    Executive

    Head of Asset Management Group

    None

    Joined PNC in 2019; previously CFO for the City of Chicago; became Head of Asset Management in 2020.

    Deborah Guild

    Executive

    Head of Enterprise Technology & Security

    Chair of Financial Services Sector Coordinating Council (FSSCC)

    Joined PNC in 2013; oversees cybersecurity and AI initiatives; previously served as Chief Information Security Officer.

    E. William Parsley III

    Executive

    Chief Operating Officer (COO)

    None

    Joined PNC in 2003; became COO in 2018; previously served as Treasurer and Chief Investment Officer.

    Gregory B. Jordan

    Executive

    General Counsel and Chief Administrative Officer

    None

    Joined PNC in 2013; oversees legal, regulatory, and government affairs; expanded PNC's Regional President model.

    Gregory H. Kozich

    Executive

    Senior Vice President and Controller

    None

    Joined PNC in 2010; became Controller in 2011; previously worked at Federal National Mortgage Association.

    Kieran J. Fallon

    Executive

    Chief Risk Officer

    None

    Joined PNC in 2011; became Chief Risk Officer in 2021; previously Senior Deputy General Counsel.

    Richard K. Bynum

    Executive

    Chief Corporate Responsibility Officer

    None

    Joined PNC in 2005; became Chief Corporate Responsibility Officer in 2020; previously Regional President for Greater Washington.

    Robert Q. Reilly

    Executive

    Chief Financial Officer (CFO)

    None

    Joined PNC in 1987; became CFO in 2013; previously led PNC's Asset Management Group.

    Stacy M. Juchno

    Executive

    General Auditor

    None

    Joined PNC in 2009; became General Auditor in 2014; previously Finance Governance and Oversight Director.

    Vicki C. Henn

    Executive

    Chief Human Resources Officer

    None

    Joined PNC in 1994; became Chief Human Resources Officer in 2014; previously led HR for Retail Banking.

    Andrew T. Feldstein

    Board

    Presiding Director

    Trustee of Third Way; Member of Harvard Law School Leadership Council

    Director since 2013; co-founder and former CEO of BlueMountain Capital Management; expertise in risk management and finance.

    Bryan S. Salesky

    Board

    Director

    CEO of Stack AV Co.; Chair of Greater Pittsburgh Chamber of Commerce

    Director since 2021; robotics and software engineering expert; co-led Carnegie Mellon\u2019s DARPA Urban Challenge team.

    Daniel R. Hesse

    Board

    Director

    Board Member at Akamai Technologies, Inc.

    Director since 2016; former CEO of Sprint Corporation; recognized for leadership in corporate responsibility.

    Debra A. Cafaro

    Board

    Director

    Chairman and CEO of Ventas, Inc.; Board Member at University of Chicago and Chicago Symphony Orchestra

    Director since 2017; leads Ventas, an S&P 500 company; recognized for corporate leadership and strategic vision.

    Douglas Dachille

    Board

    Director

    Board Member at Equitable Holdings, Inc.; BridgeBio Pharma, Inc.

    Director since 2025; former CIO of AIG; extensive experience in investment management and risk oversight.

    Joseph Alvarado

    Board

    Director

    Board Member at Arcosa, Inc.; Kennametal, Inc.

    Director since 2019; former Chairman, President, and CEO of Commercial Metals Company; extensive experience in metals and manufacturing.

    Linda R. Medler

    Board

    Director

    Founder of L A Medler & Associates; Board Member at Target Hospitality Corp.

    Director since 2018; retired Brigadier General in the U.S. Air Force; expertise in cybersecurity and technology.

    Marjorie Rodgers Cheshire

    Board

    Director

    Principal of A&R Development Corp.; Board Member at Exelon Corporation

    Director since 2014; extensive experience in real estate and community development; active in Baltimore community.

    Martin Pfinsgraff

    Board

    Director

    None

    Director since 2018; extensive knowledge of banking regulation, risk management, and finance.

    Renu Khator

    Board

    Director

    Chancellor and President of University of Houston; Board Member at Camden Property Trust

    Director since 2022; academic leader overseeing a four-university system; expertise in economic development.

    Richard J. Harshman

    Board

    Director

    Lead Independent Director at Ameren Corporation; Trustee of Pittsburgh Cultural Trust

    Director since 2019; retired Chairman, President, and CEO of Allegheny Technologies Incorporated; expertise in finance and risk management.

    Robert A. Niblock

    Board

    Director

    Board Member at ConocoPhillips; Lamb Weston Holdings, Inc.

    Director since 2022; former Chairman, President, and CEO of Lowe's Companies; expertise in retail and financial management.

    Questions to Ask Management

    1. Given the continued stress in your CRE office portfolio, with nonperforming loans increasing due to the migration of criticized loans and expectations of additional charge-offs, how confident are you that your current reserves of 11.3% on the overall office portfolio and 16% on the multi-tenant portfolio are sufficient to cover future losses, and what strategies are you implementing to mitigate these risks?
    2. With noninterest expenses expected to rise by 2% to 3% in the fourth quarter and fee income projected to decline by 5% to 7%, what specific measures are you taking to manage expenses and drive revenue growth to achieve positive operating leverage for the full year?
    3. You've mentioned plans to invest in your retail distribution by building high-volume branches, particularly in the Southwest markets. In an era where digital banking is becoming more prevalent, how do you justify this strategy, and what returns on investment do you anticipate from these branch expansions?
    4. Historically, you've been underpenetrated in consumer lending, especially in credit cards. Despite recent investments and new product introductions, when do you expect to see significant growth and a measurable impact on your consumer lending revenues?
    5. Considering your expectation that the Fed will cut rates twice in 2024 and your projections of achieving record net interest income in 2025 without relying on loan growth, what gives you confidence in these projections amid economic uncertainties, and what key factors are driving this confidence?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateN/A
    End Date/DurationN/A
    Total additional amount100 million shares
    Remaining authorization43% of 100 million shares
    DetailsAllows capital return in excess of SCB minimum levels; flexibility in capital management; cautious approach due to Basel III adjustments

    Debt Maturity Schedule

    YearAmount Due [Billions]Debt TypeInterest Rate [%]% of Total Debt
    20240.2Senior Floating Rate Bank NotesN/A0.3% = (0.2 / 68.069) * 100
    20251.0Senior Fixed-to-Floating Rate NotesN/A1.5% = (1.0 / 68.069) * 100
    20321.5Senior Fixed-to-Floating Rate Notes4.8122.2% = (1.5 / 68.069) * 100
    N/A28.0Federal Home Loan Bank BorrowingsN/A41.1% = (28.0 / 68.069) * 100
    N/A32.5Senior DebtN/A47.8% = (32.5 / 68.069) * 100
    N/A4.2Subordinated DebtN/A6.2% = (4.2 / 68.069) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2007 PresentCurrent auditor

    Recent Mergers & Acquisitions

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Signature Bridge Bank, N.A.

    2023

    PNC acquired a portfolio of capital commitment facilities totaling approximately $16 billion (with around $9 billion in funded loans) to support fund subscription lines for private equity sponsors; the deal was executed without any FDIC funding, guarantees, or loss-sharing agreements and did not materially impact PNC’s financial ratios.

    Latest news

    Recent press releases and 8-K filings for PNC.

    PNC Financial Services AGM 2025 Overview
    •PNC
    Proxy Vote Outcomes
    Board Change
    Executive Compensation
    • PNC's AGM 2025 agenda includes the election of 13 director nominees, ratification of PricewaterhouseCoopers as the independent auditor for 2025, and an advisory vote on executive officer compensation.
    • The presentation also highlighted FY 2024 financial performance with $6.0 billion in net income and $13.74 diluted EPS, reflecting strong revenue generation and effective expense management.
    Apr 23, 2025, 3:00 PM
    Presentation
    PNC Q1 2025 Financial and Operational Results Update
    •PNC
    Earnings
    Guidance Update
    Dividends
    Share Buyback
    Revenue Acceleration/Inflection
    • PNC delivered strong Q1 2025 financial results with net income of $1.5 billion and EPS of $3.51, driven by a 6% increase in total revenue reaching $5,452 million .
    • The bank’s performance was bolstered by an expanded net interest margin of 2.78%, a CET1 capital ratio of 10.6% with tangible book value per share up 17% YoY, and capital returned via a dividend of $1.60 per share along with roughly $200 million in share repurchases .
    • PNC announced forward guidance with plans for record net interest income, modest growth in loans and deposits amid market uncertainties, and introduced new leadership with the appointment of President Mark Wiedman .
    • The quarter also saw operational improvements including growth in the customer base, deeper client relationships, and increased C&I loan commitments and spot balances that enhance its lending profile .
    Apr 15, 2025, 2:01 PM
    TranscriptPresentationPress Release8-K8-K
    PNC Financial Services Appoints Mark Wiedman as President
    •PNC
    Management Change
    Executive Compensation
    Hiring
    • Mark Wiedman has been appointed as President of PNC Financial Services and its banking subsidiary, reporting directly to Chairman and CEO William S. Demchak .
    • The appointment, effective immediately with the transition fulling in by April 7, 2025, supports PNC’s growth-focused strategy and commitment to leveraging technology for improved customer service .
    • Wiedman brings extensive experience from BlackRock, where he drove significant growth and transformation initiatives .
    • He will oversee the bank’s key operating lines and regional presidents while benefiting from change of control agreements and an Executive Severance Plan .
    • His comprehensive compensation package includes an annual base salary of $700,000, a $1,000,000 signing bonus, and equity awards comprising RSUs valued at $3,120,000 and PSUs valued at $2,080,000 .
    Apr 7, 2025, 12:00 AM
    Press Release8-K