The PNC Financial Services Group, Inc. is one of the largest diversified financial institutions in the U.S. The company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of its products and services nationally. PNC's retail branch network is located coast-to-coast. The company also has strategic international offices in four countries outside the U.S.

• Employees: 56,411 (as of December 31, 2023)
• Geographic Footprint: Coast-to-coast in the U.S. and four countries outside the U.S.
• Headquarters: Pittsburgh, Pennsylvania
• Founded: 1983
• Number of locations/facilities: Over 600 branches
• Revenue: $21.5 billion (FY2023)
• Market Capitalization: Approximately $50.0 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: PNC Bank

• CEO: William S. Demchak
• CFO: Robert Q. Reilly
• Board Chair: William S. Demchak
• Other Key Executives: Carole L. Brown (Executive Vice President and Head of Asset Management Group), Richard K. Bynum (Executive Vice President and Chief Corporate Responsibility Officer), Kieran J. Fallon (Executive Vice President and Chief Risk Officer), Deborah Guild (Executive Vice President and Head of Enterprise Technology and Security), Vicki C. Henn (Executive Vice President and Chief Human Resources Officer), Gregory B. Jordan (Executive Vice President, General Counsel and Chief Administrative Officer), Stacy M. Juchno (Executive Vice President and General Auditor), Ganesh Krishnan (Executive Vice President and Enterprise Chief Information Officer), Michael P. Lyons (President and Head of Corporate & Institutional Banking), Alexander E. C. Overstrom (Executive Vice President and Head of Retail Banking), E William Parsley, III (Executive Vice President and Chief Operating Officer), Gregory H. Kozich (Senior Vice President and Controller)

Key leaders have extensive experience in financial services and technology.

• Annual Revenue: $21.5 billion (FY2023)
• Net Income: $5.6 billion (FY2023)
• Market Cap: Approximately $50.0 billion (as of June 30, 2023)
• Total Assets: $561.6 billion (as of December 31, 2023)
• Employees: 56,411 (as of December 31, 2023)
• Key Financial Highlights: Net income decreased by 8% compared to 2022, primarily due to higher expenses and lower noninterest income. Total revenue increased by 2%.

PNC offers a broad range of deposit, credit and fee-based products and services.

• Retail Banking: Includes deposit products, residential mortgages, home equity loans, auto loans, credit cards, and education loans.
• Corporate and Institutional Banking: Includes lending, treasury management, capital markets, and advisory services.
• Asset Management: Includes investment management, custody, retirement planning, and trust management services.

PNC operates through three main business segments:

• Retail Banking: Provides services to consumers and small businesses.
• Corporate and Institutional Banking: Provides services to mid-sized and large corporations and government and non-for-profit entities.
• Asset Management Group: Provides services to affluent individuals and institutional clients.

PNC's strategy focuses on growing customers, loans, deposits, and revenue while improving profitability and managing risk. Key strategic initiatives include:

• Expanding the banking franchise to new markets and digital platforms.
• Deepening customer relationships by delivering a superior banking experience and financial solutions.
• Leveraging technology to create efficiencies.

PNC is focused on maintaining appropriate capital and liquidity levels and is committed to returning excess capital to shareholders.

PNC operates in the financial services industry, which is highly competitive. Key aspects of the industry include:

• Primary Industry: Financial Services
• Market Trends: Increased competition from traditional banks, non-bank entities and financial technology companies; rapid technological changes; and evolving customer preferences.
• Key Competitors: Other large national and regional banks, savings banks, credit unions, consumer finance companies, investment management firms, and financial technology companies.
• Market Position: One of the largest diversified financial institutions in the U.S.

• Market Risks: Vulnerability to adverse economic conditions, changes in interest rates, and financial market volatility.
• Operational Risks: Potential for interruptions in information systems and technology, reliance on third-party vendors, and cybersecurity threats.
• Financial Risks: Potential for credit losses, changes in asset values, and failure to meet capital and liquidity requirements.
• Regulatory Risks: Subject to numerous governmental regulations and comprehensive oversight by regulatory agencies.
• Reputational Risks: Potential for damage to reputation from conduct perceived as unfair, deceptive or abusive.