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Segment Reporting
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
We have three reportable business segments:
•Retail Banking
•Corporate & Institutional Banking
•Asset Management Group

Results of individual businesses are presented based on our internal management reporting practices. There is no comprehensive, authoritative body of guidance for management accounting equivalent to GAAP; therefore, the financial results of our individual businesses are not necessarily comparable with similar information for any other company. We periodically refine our internal methodologies as management reporting practices are enhanced. To the extent significant and practicable, retrospective application of new methodologies is made to prior period reportable business segment results and disclosures to create comparability with the current period.

Our business segment results for the three and six months ended June 30, 2021 reflect BBVA's business operations for the month of June 2021 and our balance sheet at June 30, 2021 includes BBVA's balances. Until conversion of bank systems and branches, PNC Bank and BBVA USA customers will continue to be served through their respective PNC Bank and BBVA USA branches, websites and mobile apps, financial advisors and relationship managers. Upon conversion, which is expected to occur in October 2021, there will be changes in the segmentation of BBVA customers as we integrate data to PNC applications, finalize the review of customer relationships and better align customers with PNC's products and services. See Note 2 Acquisition and Divestiture Activity for additional information on the acquisition of BBVA.

During the second quarter of 2020, we divested our entire 22.4% investment in BlackRock, which had previously been reported as a separate business segment. See Note 2 Acquisition and Divestiture Activity for additional information.

Total business segment financial results differ from total consolidated net income. These differences are reflected in the “Other” category in Table 83. “Other” includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, certain corporate overhead, tax adjustments that are not allocated to business segments, exited businesses and differences between business segment performance reporting and financial statement reporting (GAAP). The “Other” category also included our BlackRock held for sale asset for the three and six months ended June 30, 2020. Assets, revenue and earnings attributable to foreign activities were not material in the periods presented for comparison.
Financial results are presented, to the extent practicable, as if each business operated on a stand-alone basis. Additionally, we have aggregated the results for corporate support functions within “Other” for financial reporting purposes.

Net interest income in business segment results reflects our internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors.

We have allocated the ALLL and the allowance for unfunded lending related commitments based on the loan exposures within each business segment’s portfolio. Key reserve assumptions and estimation processes react to and are influenced by observed changes in loan portfolio performance experience, the financial strength of the borrower and economic conditions. Key reserve assumptions are periodically updated.
Business Segment Results

Table 83: Results of Businesses
Three months ended June 30
In millions		Retail BankingCorporate &
Institutional
Banking		Asset
Management
Group		Other Consolidated (a) 
2021
Income Statement
Net interest income$1,497 $1,083 $112 $(111)$2,581 
Noninterest income706 867 244 269 2,086 
Total revenue2,203 1,950 356 158 4,667 
Provision for (recapture of) credit losses214 104 23 (39)302 
Depreciation and amortization73 51 5 127 256 
Other noninterest expense1,604 762 214 214 2,794 
Income (loss) from continuing operations before income taxes (benefit) and
 noncontrolling interests		312 1,033 114 (144)1,315 
Income taxes (benefit) from continuing operations73 220 27 (108)212 
Net income (loss) from continuing operations239 813 87 (36)1,103 
Less: Net income attributable to noncontrolling interests7 4 1 12 
Net income (loss) from continuing operations excluding noncontrolling
 interests		$232 $809 $87 $(37)$1,091 
Average Assets $100,948 $181,770 $10,640 $211,071 $504,429 
2020
Income Statement
Net interest income$1,390 $1,052 $89 $(4)$2,527 
Noninterest income585 726 204 34 1,549 
Total revenue1,975 1,778 293 30 4,076 
Provision for credit losses761 1,585 39 78 2,463 
Depreciation and amortization67 51 12 121 251 
Other noninterest expense1,430 619 205 10 2,264 
Income (loss) from continuing operations before income taxes (benefit) and
 noncontrolling interests		(283)(477)37 (179)(902)
Income taxes (benefit) from continuing operations (63)(122)9 18 (158)
Net income (loss) from continuing operations(220)(355)28 (197)(744)
Less: Net income attributable to noncontrolling interests3 3 1 7 
Net income (loss) from continuing operations excluding noncontrolling
 interests		$(223)$(358)$28 $(198)$(751)
Average Assets $102,103 $199,254 $7,958 $147,998 $457,313 
(Continued from previous page)
Six months ended June 30
In millions		Retail
Banking		Corporate &
Institutional
Banking		Asset
Management
Group		OtherConsolidated (a) 
2021
Income Statement
Net interest income$2,859 $2,074 $205 $(209)$4,929 
Noninterest income1,360 1,674 473 451 3,958 
Total revenue4,219 3,748 678 242 8,887 
Provision for (recapture of) credit losses(43)(178)14 (42)(249)
Depreciation and amortization136 98 9 247 490 
Other noninterest expense3,017 1,426 412 279 5,134 
Income (loss) from continuing operations before income taxes (benefit) and
 noncontrolling interests		1,109 2,402 243 (242)3,512 
Income taxes (benefit) from continuing operations256 528 57 (258)583 
Net income from continuing operations853 1,874 186 16 2,929 
Less: Net income attributable to noncontrolling interests14 7 1 22 
Net income from continuing operations excluding noncontrolling
 interests		$839 $1,867 $186 $15 $2,907 
Average Assets $96,942 $176,182 $9,761 $203,540 $486,425 
2020
Income Statement
Net interest income$2,846 $2,002 $177 $13 $5,038 
Noninterest income1,373 1,420 408 173 3,374 
Total revenue4,219 3,422 585 186 8,412 
Provision for credit losses1,206 2,043 42 86 3,377 
Depreciation and amortization124 99 23 245 491 
Other noninterest expense2,901 1,293 413 (40)4,567 
Income (loss) from continuing operations before income taxes (benefit) and
 noncontrolling interests		(12)(13)107 (105)(23)
Income taxes (benefit) from continuing operations(1)(28)25 (34)(38)
Net income (loss) from continuing operations(11)15 82 (71)15 
Less: Net income attributable to noncontrolling interests11 3  14 
Net income (loss) from continuing operations excluding noncontrolling
  interests		$(22)$12 $82 $(71)$1 
Average Assets $99,583 $185,878 $7,880 $141,533 $434,874 
(a)There were no material intersegment revenues for the three and six months ended June 30, 2021 and 2020.

Business Segment Products and Services
Retail Banking provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers. Our customers are serviced through our branch network, ATMs, call centers, online banking and mobile channels. The branch network is located primarily in markets across the Mid-Atlantic, Midwest, Southeast and Southwest. Our national expansion strategy is designed to grow customers with digitally-led banking and a thin branch network in markets outside of our existing retail branch network. Deposit products include checking, savings and money market accounts and certificates of deposit. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans and personal and small business loans and lines of credit. The residential mortgage loans are directly originated within our branch network and nationwide, and are typically underwritten to agency and/or third-party standards, and either sold, servicing retained or held on our balance sheet. Brokerage, investment management and cash management products and services include managed, education, retirement and trust accounts.

Corporate & Institutional Banking provides lending, treasury management and capital markets-related products and services to mid-sized and large corporations, and government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. The Treasury Management business provides payables, receivables, deposit and account services, liquidity and investments, and online and mobile banking products and services to our clients. Capital markets-related products and services include foreign exchange, derivatives, fixed income, securities underwriting, loan syndications, mergers and acquisitions advisory and equity capital markets advisory related services. We also provide commercial loan servicing and technology solutions for the commercial real estate finance industry. Products and services are provided nationally.

Asset Management Group provides personal wealth management for high net worth and ultra high net worth clients and institutional asset management. The Asset Management group is composed of two distinct operating units:
•Personal Wealth Management, inclusive of Hawthorn, provides products and services to individuals and their families including investment and retirement planning, customized investment management, private banking, and trust management and administration for individuals and their families. The business also provides multi-generational family planning including estate, financial, tax planning, fiduciary, investment management and consulting, private banking, personal administrative services, asset custody and customized performance reporting to ultra high net worth clients.
•Institutional asset management provides outsourced chief investment officer, custody, private real estate, cash and fixed income client solutions, and retirement plan fiduciary investment services to institutional clients including corporations, healthcare systems, insurance companies, unions, municipalities and non-profits.