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Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
We have three reportable business segments: Retail Banking, Corporate & Institutional Banking and Asset Management Group:

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 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, 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.

The remaining corporate operations are reflected in Other:
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, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from funds transfer pricing operations. The decline in Other earnings for the first three months of 2024 compared to the same period in 2023 was driven by the residual impacts from funds transfer pricing due to the rising interest rate environment, along with the costs for the FDIC special assessment.

Basis of Presentation

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.

Funds Transfer Pricing
Net interest income in business segment results reflects our internal funds transfer pricing methodology, which is designed to consider interest rate and liquidity risks. Under our methodology, assets receive a funding charge while liabilities and capital receive a funding credit based on market interest rates, product characteristics and other factors.

Our transfer pricing framework considers the application of funding curves and methodologies consistently across the balance sheet. A residual gain or loss from funds transfer pricing operations is retained within Other. This residual gain or loss is reviewed by management quarterly, in accordance with the interagency guidance of the FDIC, Federal Reserve and OCC.

Segment Allocations
Financial results are presented, to the extent practicable, as if each business operated on a standalone basis, and includes expense allocations for corporate overhead services used by the business segments.

Certain costs are retained within Other. These costs are not allocated to our business segments because they (i) are transitory or highly irregular in nature, (ii) exist solely to support corporate activities unrelated to business segment operations, or (iii) reflect residual costs for an exited business. During the first quarter of 2024, Other noninterest expense for the Other category included an additional expense related to the increase in the FDIC’s expected losses. This cost was not allocated to our business segments due to its irregular nature.

We have allocated the ALLL and the allowance for unfunded lending related commitments based on the loan exposures within each business segment’s portfolio.
Business Segment Results

Table 77: Results of Businesses
Three months ended March 31
In millions		Retail BankingCorporate &
Institutional
Banking		Asset
Management
Group		Other Consolidated (a) 
2024
Income Statement
Net interest income $2,617 $1,520 $157 $(1,030)$3,264 
Noninterest income764 888 230 (1)1,881 
Total revenue3,381 2,408 387 (1,031)5,145 
Provision for (recapture of) credit losses118 47 (5)(5)155 
Depreciation and amortization79 50 7 144 280 
Other noninterest expense1,758 872 258 166 3,054 
Income (loss) before income taxes (benefit) and noncontrolling interests1,426 1,439 127 (1,336)1,656 
Income taxes (benefit) 333 313 30 (364)312 
Net income (loss)1,093 1,126 97 (972)1,344 
Less: Net income attributable to noncontrolling interests8 5 1 14 
Net income (loss) excluding noncontrolling interests$1,085 $1,121 $97 $(973)$1,330 
Average Assets $114,199 $228,698 $16,728 $203,223 $562,848 
2023
Income Statement
Net interest income$2,281 $1,383 $127 $(206)$3,585 
Noninterest income743 886 230 159 2,018 
Total revenue3,024 2,269 357 (47)5,603 
Provision for (recapture of) credit losses238 (28)9 16 235 
Depreciation and amortization78 54 6 143 281 
Other noninterest expense1,849 885 274 32 3,040 
Income (loss) before income taxes (benefit) and noncontrolling interests859 1,358 68 (238)2,047 
Income taxes (benefit) 202 294 16 (159)353 
Net income (loss)657 1,064 52 (79)1,694 
Less: Net income attributable to noncontrolling interests10 5  2 17 
Net income (loss) excluding noncontrolling interests$647 $1,059 $52 $(81)$1,677 
Average Assets $115,384 $234,536 $14,997 $197,415 $562,332 
(a)There were no material intersegment revenues for the three months ended March 31, 2024 and 2023.