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Segment Reporting
 6 Months Ended
Jun. 30, 2023
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.

Total business segment financial results differ from total consolidated net income. These differences are reflected in the “Other” category in Table 79. “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). 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 standalone 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 79: Results of Businesses
Three months ended June 30
In millions		Retail BankingCorporate &
Institutional
Banking		Asset
Management
Group		Other Consolidated (a) 
2023
Income Statement
Net interest income $2,448 $1,349 $125 $(412)$3,510 
Noninterest income702 821 228 32 1,783 
Total revenue3,150 2,170 353 (380)5,293 
Provision for (recapture of) credit losses(14)209 (10)(39)146 
Depreciation and amortization81 53 7 143 284 
Other noninterest expense1,823 868 273 124 3,088 
Income (loss) before income taxes (benefit) and noncontrolling interests1,260 1,040 83 (608)1,775 
Income taxes (benefit) 295 218 20 (258)275 
Net income (loss)965 822 63 (350)1,500 
Less: Net income attributable to noncontrolling interests11 5 1 17 
Net income (loss) excluding noncontrolling interests$954 $817 $63 $(351)$1,483 
Average Assets $114,826 $234,174 $15,562 $190,945 $555,507 
2022
Income Statement
Net interest income$1,662 $1,232 $153 $4 $3,051 
Noninterest income748 968 234 115 2,065 
Total revenue2,410 2,200 387 119 5,116 
Provision for (recapture of) credit losses55 (17)5 (7)36 
Depreciation and amortization83 51 8 147 289 
Other noninterest expense1,830 883 262 (20)2,955 
Income (loss) before income taxes (benefit) and noncontrolling interests442 1,283 112 (1)1,836 
Income taxes (benefit) 105 277 26 (68)340 
Net income337 1,006 86 67 1,496 
Less: Net income (loss) attributable to noncontrolling interests15 3  (3)15 
Net income excluding noncontrolling interests$322 $1,003 $86 $70 $1,481 
Average Assets $113,068 $219,513 $14,449 $199,848 $546,878 
(Continued from previous page)
Six months ended June 30
In millions		Retail
Banking		Corporate &
Institutional
Banking		Asset
Management
Group		OtherConsolidated (a) 
2023
Income Statement
Net interest income $4,729 $2,732 $252 $(618)$7,095 
Noninterest income1,445 1,707 458 191 3,801 
Total revenue6,174 4,439 710 (427)10,896 
Provision for (recapture of) credit losses224 181 (1)(23)381 
Depreciation and amortization159 107 13 286 565 
Other noninterest expense3,672 1,753 547 156 6,128 
Income (loss) before income taxes (benefit) and noncontrolling interests2,119 2,398 151 (846)3,822 
Income taxes (benefit)497 512 36 (417)628 
Net income (loss)1,622 1,886 115 (429)3,194 
Less: Net income (loss) attributable to noncontrolling interests21 10 3 34 
Net income (loss) excluding noncontrolling interests$1,601 $1,876 $115 $(432)$3,160 
Average Assets $115,103 $234,354 $15,282 $194,162 $558,901 
2022
Income Statement
Net interest income$3,193 $2,375 $291 $(4)$5,855 
Noninterest income1,493 1,772 482 206 3,953 
Total revenue4,686 4,147 773 202 9,808 
Provision for (recapture of) credit losses(26)(135)7 (18)(172)
Depreciation and amortization157 103 14 292 566 
Other noninterest expense3,648 1,668 507 27 5,850 
Income (loss) before income taxes (benefit) and noncontrolling interests907 2,511 245 (99)3,564 
Income taxes (benefit)214 545 57 (177)639 
Net income693 1,966 188 78 2,925 
Less: Net income (loss) attributable to noncontrolling interests31 7  (2)36 
Net income excluding noncontrolling interests$662 $1,959 $188 $80 $2,889 
Average Assets $112,415 $210,171 $14,126 $212,415 $549,127 
(a)There were no material intersegment revenues for the three and six months ended June 30, 2023 and 2022.
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 who are serviced through our coast-to-coast branch network, digital channels, ATMs, or through our phone-based customer contact centers. Deposit products include checking, savings and money market accounts and time deposits. 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, capital markets and advisory 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 corporations with cash and investment management services, receivables and disbursement management services, funds transfer services, international payment services and access to online/mobile information management and reporting services. Capital markets and advisory includes services and activities primarily related to merger and acquisitions advisory, equity capital markets advisory, asset-backed financing, loan syndication, securities underwriting and customer-related trading. 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 private banking for high net worth and ultra high net worth clients and institutional asset management. The Asset Management group is composed of two operating units:
•PNC Private Bank provides products and services to emerging affluent, high net worth and ultra high net worth individuals and their families, including investment and retirement planning, customized investment management, credit and cash management solutions, trust management and administration. In addition, multi-generational family planning services are also provided to ultra high net worth individuals and their families, which include estate, financial, tax, fiduciary and customized performance reporting through PNC Private Bank Hawthorn.
•Institutional Asset Management provides outsourced chief investment officer, custody, private real estate, cash and fixed income client solutions, retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, unions, municipalities and non-profits.