PNC FINANCIAL SERVICES GROUP, INC.

Overview

PNC Financial Services Group, Inc. is a diversified banking and financial services company headquartered in Pittsburgh, Pennsylvania, and is one of the largest diversified financial institutions in the United States. The company operates across retail banking, corporate and institutional banking, and asset management, offering a broad range of deposit, credit, and fee-based products and services. Its retail branch network is located coast-to-coast in the U.S., many of its products and services are offered nationally, and it also maintains strategic international offices in four countries outside the U.S.[1][2]

PNC’s core offerings include consumer and small-business banking, residential mortgage lending, commercial lending, treasury management, capital markets and advisory services, and private banking and institutional asset management. The company says it believes it should serve a greater purpose and is committed to the success of its employees, customers, and the communities it serves, while also emphasizing long-term management, investment in its products and markets, and disciplined risk and capital management. As indicators of scale, PNC reported $560.0 billion in assets, $426.7 billion in deposits, $54.4 billion in shareholders’ equity, about $21.6 billion in 2024 revenue, and 55,184 employees at year-end 2024. PNC was incorporated in 1983 through the consolidation of Pittsburgh National Corporation and Provident National Corporation.[3]+7 [1]+7

Products & services

PNC’s consumer and small-business product set includes checking, savings, money market accounts and time deposits; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small-business loans and credit lines; and brokerage, insurance, investment-management and cash-management offerings such as managed, education, retirement and trust accounts. Its retail brokerage platform offers mutual funds, annuities, stocks, bonds, long-term care and insurance products, and managed accounts. Retail transaction services also include receivables and payables management, funds transfer, online/mobile information management and reporting, debit and credit card issuance and administration, reward programs, statements, card activation and renewals, suspension and blockage, merchant point-of-sale acceptance, customized payment processing, overdraft and wire transfer services, imaging, money orders and cashier’s checks.[9]+5

PNC originates residential mortgage loans nationwide through both its national mortgage business and branch network. Mortgages underwritten to agency standards are typically sold with servicing retained, while nonconforming mortgages are retained on balance sheet; the originated nonconforming portfolio was $41.7 billion at December 31, 2024. Home equity loans totaled $26.0 billion at year-end 2024, comprising $21.3 billion of home equity lines of credit and $4.7 billion of closed-end home equity installment loans; the HELOC product is variable-rate, with fixed-rate conversion options available to certain borrowers.[15][16]

For corporate and institutional clients, PNC offers lending, treasury management, capital markets and advisory products and services, including secured and unsecured loans, letters of credit, equipment leases, cash and investment management, receivables and disbursement management, funds transfer, international payments, online/mobile reporting, merchant card processing, commercial mortgage servicing, securities underwriting, merger and acquisition advisory, equity capital markets advisory, asset-backed financing and loan syndication, plus collateral-management and asset-management services. Through PNC Private Bank and Institutional Asset Management, it also offers investment and retirement planning, customized investment management, credit and cash-management solutions, trust administration, multi-generational estate/financial/tax/fiduciary planning, outsourced chief investment officer services, custody, cash and fixed-income solutions, retirement-plan fiduciary investment services, and brokerage in mutual funds, annuities, stocks, bonds, insurance products and managed accounts.[17]+9

Where PNC discloses product-line revenue, the largest 2024 fee-based categories were card and cash management at $2.770 billion, or 34.4% of noninterest income and 12.9% of total revenue; asset management and brokerage at $1.485 billion, or 18.4% and 6.9%; lending and deposit services at $1.259 billion, or 15.6% and 5.8%; capital markets and advisory at $1.250 billion, or 15.5% and 5.8%; and residential and commercial mortgage at $581 million, or 7.2% and 2.7%. Overall, net interest income was $13.499 billion, or about 62.6% of 2024 total revenue, while noninterest income was $8.056 billion, or about 37.4%.[7][27] [9]+19

Geographic presence

PNC Financial Services Group is headquartered in Pittsburgh, Pennsylvania, and its executive and primary administrative offices are located at The Tower at PNC Plaza in Pittsburgh. Its U.S. footprint is national: PNC describes its retail branch network as coast-to-coast, and its corporate profile says the company has an extensive retail branch network with a presence in all of the country’s 30 largest markets. PNC also maintains strategic international offices outside the U.S. in Canada, Germany, the United Kingdom, and China.[1]+2

At December 31, 2024, PNC’s Retail Banking business had 2,234 branches, excluding standalone mortgage offices and limited-service satellite offices, and PNC reported 55,184 employees companywide. In 2024, the company also announced a multi-year branch expansion plan of more than 200 new branches in Atlanta, Austin, Charlotte, Dallas, Denver, Houston, Miami, Orlando, Phoenix, Raleigh, San Antonio, and Tampa, indicating a continued build-out in large Sun Belt and growth markets.[30]+3

PNC’s disclosed geographic concentrations are most detailed in its lending portfolios. At December 31, 2024, residential real estate loans were concentrated in California (43%), Texas (8%), Washington (7%), and Florida (7%), and PNC said 46% of its originated nonconforming residential mortgage balances were located in California. Its home equity portfolio was concentrated in Pennsylvania (17%), New Jersey (12%), Florida (9%), Ohio (8%), and California (7%). In commercial real estate, the largest state exposures were California (17%), Florida (11%), and Texas (11%).[33]+3 [1]+10

Business segments

PNC Financial Services Group reports three business segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group. Management states these are its reportable business segments for performance review and resource allocation purposes.[37]

Retail Banking serves consumer and small business customers with deposit, lending, brokerage, insurance, investment management, and cash management products delivered through branches, digital channels, ATMs, and phone-based contact centers.[38][17] Corporate & Institutional Banking focuses on mid-sized and large corporations, as well as government and nonprofit entities, providing lending, treasury management, capital markets, and advisory services; its offerings include loans, letters of credit, equipment leasing, M&A and capital markets advisory, securities underwriting, loan syndication, customer-related trading, and commercial loan servicing/technology solutions.[3][39] Asset Management Group is composed of PNC Private Bank and Institutional Asset Management, and focuses on private banking for affluent, high-net-worth, and ultra-high-net-worth clients as well as institutional asset management; services include investment and retirement planning, customized investment management, trust services, outsourced CIO, custody, and retirement-plan fiduciary services.[23]+2

Using 2024 total revenue by segment, Retail Banking contributed about 55% of combined segment revenue ($14.5 billion), Corporate & Institutional Banking about 39% ($10.2 billion), and Asset Management Group about 6% ($1.6 billion).[41][42] Within those totals, Retail Banking was more net-interest-income driven, Corporate & Institutional Banking had a more balanced mix of net interest income and fee income, and Asset Management Group derived most of its noninterest income from asset management and brokerage fees.[42][43] [37]+10

Company history

PNC Financial Services Group traces its roots to predecessor institutions dating to the mid-19th century. On the Pittsburgh side, Pittsburgh National Bank originated as the Pittsburgh Trust and Savings Company in 1865, and James E. Laughlin was its first chair; Provident National, the other major predecessor, also dated back to the mid-1800s. The modern company was formed in 1983 through the consolidation of Pittsburgh National Corporation and Provident National Corporation, a combination that made PNC the largest bank in Pennsylvania at the time.[44]+2

In the 1990s, PNC broadened its business mix and regional footprint through acquisitions, including BlackRock Financial Management L.P. in 1995 and Midlantic Corporation, whose merger was completed at the end of 1995.[46][47] BlackRock was then taken public in 1999, with a PNC subsidiary retaining a majority of BlackRock’s Class B shares after the offering.[48] PNC expanded further through later bank acquisitions, most notably National City Corporation, completed on December 31, 2008, which significantly enlarged its franchise.[49][50] [45]+6

Sources

• PNC FINANCIAL SERVICES GROUP, INC. — Full financial report (2024 Y)
  42 citations

  [1][2][3][4][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][30][31][32][33][34][35][36][37][38][39][40][41][42][43][45]
• www.pnc.com[5]
• www.pnc.com[29]
• www.pnc.com[44]
• investor.pnc.com[46]
• investor.pnc.com[47]
• d18rn0p25nwr6d.cloudfront.net[48]
• investor.pnc.com[49]
• investor.pnc.com[50]