Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On July 31, 2020, PNC announced its upcoming redemption on September 1, 2020 of $480 million of Depositary Shares representing interests in PNC’s 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q (the “Series Q Preferred Stock”). Each Depositary Share represents a 1/4,000th interest in a share of the Series Q Preferred Stock. The Depositary Shares will be redeemed at a redemption price of $25.00 per Depositary Share plus declared and unpaid dividends of $0.3359375 per Depositary Share, representing the dividend for the period from June 1, 2020 to, but excluding, September 1, 2020. All 19.2 million Depositary Shares currently outstanding will be redeemed.