On October 2, 2023, PNC acquired a portfolio of capital commitments facilities from Signature Bridge Bank, N.A. The acquired portfolio represented approximately $16.0 billion in total commitments, including approximately $9.0 billion of funded loans.

During the fourth quarter of 2023, PNC implemented a workforce reduction that is expected to reduce 2024 personnel expense by approximately $325 million, on a pre-tax basis.

PNC is focused on strategic priorities such as expanding the banking franchise, deepening customer relationships, and leveraging technology to create efficiencies.

PNC's management is focused on the fundamentals of growing customers, loans, deposits and revenue and improving profitability, while investing for the future and managing risk, expenses and capital.

Management continues to invest in products, markets and brand, and embrace commitments to customers, shareholders, employees and the communities where they do business.

Management's business model is built on customer loyalty and engagement, understanding our customers' financial goals and offering diverse products and services to help them achieve financial well-being.

PNC incurred a pre-tax expense of $515 million during the fourth quarter of 2023 and an additional pre-tax expense of $130 million in the first quarter of 2024 related to the FDIC's special assessment to recover the loss to the Deposit Insurance Fund.

Hurricanes Helene and Milton caused property damage to customers, the closing or disruption of many businesses, including some of PNC's branches and facilities, and damage to the community infrastructure.

PNC's forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account potential legal and regulatory contingencies.

PNC is one of the largest diversified financial institutions in the U.S. with businesses engaged in retail banking, corporate and institutional banking and asset management.

PNC's retail branch network is located coast-to-coast, and it also has strategic international offices in four countries outside the U.S.

PNC strives to serve its customers and expand and deepen relationships by offering a broad range of deposit, credit and fee-based products and services.

Noninterest expense decreased $30 million to $3.3 billion as increased personnel costs were more than offset by a PNC Foundation contribution expense of $120 million in the second quarter of 2024.

Noninterest expense increased $80 million compared to the first nine months of 2023 primarily due to a $130 million pre-tax expense related to the increase in the FDIC's expected losses.

PNC is leveraging technology to create efficiencies that help us better serve customers, which could lead to improved operational efficiency.

PNC is leveraging technology to create efficiencies that help us better serve customers.

PNC announced it would be investing nearly $1.0 billion, through 2028, to open more than 100 new branches in key locations, and to renovate more than 1,200 existing locations across the country to enhance the customer experience.

PNC continues to enhance the customer experience with refinements to product and service offerings that drive value for consumers and small businesses, including our recently launched new PNC Cash Unlimited® credit card.

In the third quarter of 2024, PNC returned $0.8 billion of capital to shareholders, including more than $0.6 billion of dividends on common shares and more than $0.1 billion of common share repurchases.

Our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 43% were still available for repurchase at September 30, 2024.

Fourth quarter 2024 share repurchase activity is expected to approximate recent quarterly average share repurchase levels. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors.

This 10-Q filing does not contain specific information about environmental commitments, social responsibility initiatives, or governance practices.

This 10-Q filing does not contain specific information about sustainability risks or opportunities.

This 10-Q filing does not contain specific information about ESG-related risks or opportunities in the Risk Factors section.

PNC's baseline forecast is for slower economic growth at the end of 2024 and in the first half of 2025 as high interest rates remain a drag on the economy.

Inflation will continue to slow as wage pressures abate, gradually moving back to the Federal Reserve's 2% long-term objective.

With slowing inflation PNC expects two additional federal funds rate cuts of 25 basis points each at the FOMC's remaining meetings in 2024, with the rate ending this year in a range between 4.25% and 4.50%.