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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
In accordance with regulations adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we are providing the following disclosures regarding executive compensation for our principal executive officer (“PEO”) and
Non-PEO
named executive officers
(“Non-PEO
NEOs”) and company performance for the fiscal years listed below.
We have identified
one-year
adjusted ROE (“Adjusted ROE”) as our Company-Selected Measure (“CSM”). In our view, Adjusted ROE represents the most important financial performance measure (not otherwise required to be disclosed in the table) used to link compensation actually paid (“CAP”) to our NEOs for the 2023 fiscal year to company performance. We chose Adjusted ROE as our CSM for evaluating pay versus performance because it is a key metric in our PSU awards under our long-term incentive program. See “Compensation Discussion and Analysis—Our compensation program—Evaluating performance” in this proxy statement for a discussion of the metrics used by the Human Resources Committee to evaluate performance. Our long-term incentive program and Adjusted ROE are described in more detail in “Compensation Discussion and Analysis—Our compensation program—Incentive compensation program.”
Pay versus performance table
 
                             
 Value of Initial Fixed $100 
Investment based on:
(4)
                
 Year
   
Summary
Compensation
Table Total
for PEO
(1)
($)
    
Compensation
Actually
Paid to
PEO
(1)(2)(3)
($)
    
Average
Summary
Compensation
Table Total
for
Non-PEO
NEOs
(1)
    
Average
Compensation
Actually
Paid to Non-
PEO
NEOs
(1)(2)(3)
     
TSR
($)
     
Peer Group
TSR*
($)
     
Net Income
(in millions)
($)
     
Adjusted ROE
(5)
  
 (a)
   
(b)
    
(c)
    
(d)
    
(e)
     
(f)
     
(g)
     
(h)
     
(i)
  
 2023
   
 
19,950,306
 
  
 
20,752,986
 
  
 
7,359,582
 
  
 
7,251,664
 
   
 
112.44
 
   
 
104.72
 
   
 
5,647
 
   
 
11.66%
 
 2022
   
 
19,473,490
 
  
 
18,419,052
 
  
 
12,309,964
 
  
 
12,394,784
 
   
 
109.49
 
   
 
94.38
 
   
 
6,113
 
   
 
12.59%
 
 2021
   
 
17,506,270
 
  
 
26,625,622
 
  
 
7,940,191
 
  
 
11,637,177
 
   
 
134.45
 
   
 
116.81
 
   
 
5,725
 
   
 
9.59%
 
 2020
   
 
15,879,053
 
  
 
13,080,702
 
  
 
6,890,142
 
  
 
5,608,478
 
   
 
97.27
 
   
 
86.24
 
   
 
7,558
 
   
 
9.39%
 
*
The Peer Group TSR utilizes the S&P 500 Banks Index (“S&P 500 Banks”), which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report on Form
10-K
for the year ended December 31, 2023.
 
(1)
William S. Demchak was our PEO for each year presented. The individuals comprising the
Non-PEO
NEOs for each year presented are:
2020: Robert Q. Reilly, Michael P. Lyons, E William Parsley, III and Karen L. Larrimer
2021: Robert Q. Reilly, Michael P. Lyons, E William Parsley, III and Karen L. Larrimer
2022: Robert Q. Reilly, Michael P. Lyons, E William Parsley, III, Karen L. Larrimer and Gregory B. Jordan
2023: Robert Q. Reilly, Michael P. Lyons, E William Parsley, III and Deborah Guild
 
(2)
CAP amounts shown have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized or received by the NEOs.
 
(3)
CAP reflects the Summary compensation table totals for our NEOs, as adjusted for certain amounts as set forth below. Amounts in the “Exclusion of Stock Awards” columns below are based on the totals from the “Stock Awards” column of the Summary compensation table. Amounts in the “Exclusion of Change in Pension Value” columns below reflect the amounts attributable to the change in pension value reported in the Summary compensation table. Amounts in the “Inclusion of Pension Service Cost” columns below are based on the service cost for services rendered during the listed year.
 
Year
   
Summary
Compensation
Table Total for
PEO
($)
     
Exclusion of
Change in
Pension Value for
PEO
($)
    
Exclusion of
Stock Awards for
PEO
($)
    
Inclusion of
Pension Service
Cost for PEO
($)
     
Inclusion of
Equity Values for
PEO
($)
     
Compensation
Actually Paid
to PEO
($)
  
2023
   
 
19,950,306
 
   
 
(792,588
) 
  
 
(12,750,115
) 
  
 
377,527
 
   
 
13,967,856
 
   
 
20,752,986
 
2022
   
 
19,473,490
 
   
 
—
 
  
 
(15,000,015
) 
  
 
370,608
 
   
 
13,574,969
 
   
 
18,419,052
 
2021
   
 
17,506,270
 
   
 
(338,606
) 
  
 
(12,000,025
) 
  
 
478,826
 
   
 
20,979,157
 
   
 
26,625,622
 
2020
   
 
15,879,053
 
   
 
(1,399,380
) 
  
 
(10,320,237
) 
  
 
393,939
 
   
 
8,527,327
 
   
 
13,080,702
 
 
 
Year
   
Average
Summary
Compensation
Table Total for
Non-PEO NEOs
($)
     
Average
Exclusion of
Change in
Pension Value for
Non-PEO
NEOs
($)
    
Average
Exclusion of
Stock Awards for
Non-PEO
NEOs
($)
    
Average
Inclusion of
Pension Service
Cost for Non-
PEO NEOs
($)
     
Average
Inclusion of
Equity Values for
Non-PEO
NEOs
($)
     
Average
Compensation
Actually Paid to
Non-PEO NEOs
($)
  
2023
   
 
7,359,582
 
   
 
(179,416
) 
  
 
(4,296,382
) 
  
 
71,325
 
   
 
4,296,555
 
   
 
7,251,664
 
2022
   
 
12,309,964
 
   
 
(15,249
) 
  
 
(9,598,689
) 
  
 
65,950
 
   
 
9,632,808
 
   
 
12,394,784
 
2021
   
 
7,940,191
 
   
 
(95,656
) 
  
 
(4,165,160
) 
  
 
83,017
 
   
 
7,874,785
 
   
 
11,637,177
 
2020
   
 
6,890,142
 
   
 
(299,797
) 
  
 
(3,927,655
) 
  
 
73,084
 
   
 
2,872,704
 
   
 
5,608,478
 
The amounts in the “Inclusion of Equity Values” columns above are derived from the amounts set forth in the following tables:
 
Year
  
Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for PEO
($)
    
Change in Fair
Value from Last
Day of Prior
Year to Last Day
of Year of
Unvested
Equity Awards
for PEO
($)
    
Vesting-Date
Fair Value of
Equity Awards
Granted During
Year that Vested
During Year for
PEO
($)
    
Change in Fair
Value from Last
Day of Prior
Year to Vesting
Date of
Unvested
Equity Awards
that Vested
During Year for
PEO
($)
    
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited During
Year for PEO
($)
    
Value of
Dividends or
Other Earnings
Paid on Stock
or Option
Awards Not
Otherwise
Included for
PEO
($)
    
Total - Inclusion
of
Equity Values
for PEO
($)
  
2023
  
 
13,438,135
 
  
 
194,909
 
  
 
—
 
  
 
334,812
 
  
 
—
 
  
 
—
 
  
 
13,967,856
 
2022
  
 
12,123,506
 
  
 
(944,686
) 
  
 
—
 
  
 
2,396,149
 
  
 
—
 
  
 
—
 
  
 
13,574,969
 
2021
  
 
13,081,706
 
  
 
6,461,296
 
  
 
—
 
  
 
1,436,155
 
  
 
—
 
  
 
—
 
  
 
20,979,157
 
2020
  
 
8,584,874
 
  
 
70,776
 
  
 
—
 
  
 
(128,323
) 
  
 
—
 
  
 
—
 
  
 
8,527,327
 
 
Year
  
Average Year-
End Fair Value
of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for
Non-PEO
NEOs
($)
    
Average
Change in Fair
Value from Last
Day of Prior
Year to Last Day
of Year of
Unvested
Equity Awards
for
Non-PEO
NEOs
($)
    
Average
Vesting-Date
Fair Value of
Equity Awards
Granted During
Year that Vested
During Year for
Non-PEO
NEOs
($)
    
Average
Change in Fair
Value from Last
Day of Prior
Year to Vesting
Date of
Unvested
Equity Awards
that Vested
During Year for
Non-PEO
NEOs
($)
    
Average Fair
Value at Last
Day of Prior
Year of Equity
Awards
Forfeited During
Year for Non-
PEO NEOs
($)
    
Average Value
of Dividends or
Other Earnings
Paid on Stock
or Option
Awards Not
Otherwise
Included for
Non-PEO NEOs
($)
    
Total - Average
Inclusion of
Equity Values
for
Non-PEO
NEOs
($)
  
2023
  
 
4,453,842
 
  
 
(174,429
) 
  
 
—
 
  
 
17,142
 
  
 
—
 
  
 
—
 
  
 
4,296,555
 
2022
  
 
9,201,403
 
  
 
(504,672
) 
  
 
—
 
  
 
936,077
 
  
 
—
 
  
 
—
 
  
 
9,632,808
 
2021
  
 
4,773,399
 
  
 
2,545,225
 
  
 
—
 
  
 
556,161
 
  
 
—
 
  
 
—
 
  
 
7,874,785
 
2020
  
 
3,439,287
 
  
 
(322,598
) 
  
 
—
 
  
 
(243,985
) 
  
 
—
 
  
 
—
 
  
 
2,872,704
 
 
(4)
The comparison assumes $100 was invested for the period starting December 31, 2019 through the last business day of the listed year, for each of PNC and the S&P 500 Banks.
 
(5)
Adjusted ROE is a
non-GAAP
financial measure. See Annex A for a reconciliation of
non-GAAP
financial measures to GAAP and for additional information about the adjustments to GAAP measures.
     
Company Selected Measure Name Adjusted ROE      
Named Executive Officers, Footnote
(1)
William S. Demchak was our PEO for each year presented. The individuals comprising the
Non-PEO
NEOs for each year presented are:
2020: Robert Q. Reilly, Michael P. Lyons, E William Parsley, III and Karen L. Larrimer
2021: Robert Q. Reilly, Michael P. Lyons, E William Parsley, III and Karen L. Larrimer
2022: Robert Q. Reilly, Michael P. Lyons, E William Parsley, III, Karen L. Larrimer and Gregory B. Jordan
2023: Robert Q. Reilly, Michael P. Lyons, E William Parsley, III and Deborah Guild
      
Peer Group Issuers, Footnote The comparison assumes $100 was invested for the period starting December 31, 2019 through the last business day of the listed year, for each of PNC and the S&P 500 Banks.      
PEO Total Compensation Amount $ 19,950,306 $ 19,473,490 $ 17,506,270 $ 15,879,053
PEO Actually Paid Compensation Amount $ 20,752,986 18,419,052 26,625,622 13,080,702
Adjustment To PEO Compensation, Footnote
(2)
CAP amounts shown have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized or received by the NEOs.
 
(3)
CAP reflects the Summary compensation table totals for our NEOs, as adjusted for certain amounts as set forth below. Amounts in the “Exclusion of Stock Awards” columns below are based on the totals from the “Stock Awards” column of the Summary compensation table. Amounts in the “Exclusion of Change in Pension Value” columns below reflect the amounts attributable to the change in pension value reported in the Summary compensation table. Amounts in the “Inclusion of Pension Service Cost” columns below are based on the service cost for services rendered during the listed year.
 
Year
   
Summary
Compensation
Table Total for
PEO
($)
     
Exclusion of
Change in
Pension Value for
PEO
($)
    
Exclusion of
Stock Awards for
PEO
($)
    
Inclusion of
Pension Service
Cost for PEO
($)
     
Inclusion of
Equity Values for
PEO
($)
     
Compensation
Actually Paid
to PEO
($)
  
2023
   
 
19,950,306
 
   
 
(792,588
) 
  
 
(12,750,115
) 
  
 
377,527
 
   
 
13,967,856
 
   
 
20,752,986
 
2022
   
 
19,473,490
 
   
 
—
 
  
 
(15,000,015
) 
  
 
370,608
 
   
 
13,574,969
 
   
 
18,419,052
 
2021
   
 
17,506,270
 
   
 
(338,606
) 
  
 
(12,000,025
) 
  
 
478,826
 
   
 
20,979,157
 
   
 
26,625,622
 
2020
   
 
15,879,053
 
   
 
(1,399,380
) 
  
 
(10,320,237
) 
  
 
393,939
 
   
 
8,527,327
 
   
 
13,080,702
 
      
Non-PEO NEO Average Total Compensation Amount $ 7,359,582 12,309,964 7,940,191 6,890,142
Non-PEO NEO Average Compensation Actually Paid Amount $ 7,251,664 12,394,784 11,637,177 5,608,478
Adjustment to Non-PEO NEO Compensation Footnote
(2)
CAP amounts shown have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized or received by the NEOs.
 
(3)
CAP reflects the Summary compensation table totals for our NEOs, as adjusted for certain amounts as set forth below. Amounts in the “Exclusion of Stock Awards” columns below are based on the totals from the “Stock Awards” column of the Summary compensation table. Amounts in the “Exclusion of Change in Pension Value” columns below reflect the amounts attributable to the change in pension value reported in the Summary compensation table. Amounts in the “Inclusion of Pension Service Cost” columns below are based on the service cost for services rendered during the listed year.
 
Year
   
Average
Summary
Compensation
Table Total for
Non-PEO NEOs
($)
     
Average
Exclusion of
Change in
Pension Value for
Non-PEO
NEOs
($)
    
Average
Exclusion of
Stock Awards for
Non-PEO
NEOs
($)
    
Average
Inclusion of
Pension Service
Cost for Non-
PEO NEOs
($)
     
Average
Inclusion of
Equity Values for
Non-PEO
NEOs
($)
     
Average
Compensation
Actually Paid to
Non-PEO NEOs
($)
  
2023
   
 
7,359,582
 
   
 
(179,416
) 
  
 
(4,296,382
) 
  
 
71,325
 
   
 
4,296,555
 
   
 
7,251,664
 
2022
   
 
12,309,964
 
   
 
(15,249
) 
  
 
(9,598,689
) 
  
 
65,950
 
   
 
9,632,808
 
   
 
12,394,784
 
2021
   
 
7,940,191
 
   
 
(95,656
) 
  
 
(4,165,160
) 
  
 
83,017
 
   
 
7,874,785
 
   
 
11,637,177
 
2020
   
 
6,890,142
 
   
 
(299,797
) 
  
 
(3,927,655
) 
  
 
73,084
 
   
 
2,872,704
 
   
 
5,608,478
 
      
Compensation Actually Paid vs. Total Shareholder Return
Description of Relationship Between PEO and
Non-PEO
NEO CAP and PNC TSR and Relationship Between PNC TSR and Peer Group TSR
The following graph sets forth the relationship between CAP for our PEO, the average of CAP for our
Non-PEO
NEOs, and PNC’s cumulative TSR over the four most recently completed fiscal years. As reflected in the graph, CAP for all NEOs is generally aligned with PNC’s cumulative TSR over the period presented.
 
LOGO
 
*    Note the TSR above is indexed to an initial $100 investment for the period starting December 31, 2019 through the last business day of the listed year.
      
Compensation Actually Paid vs. Net Income
 
Description of Relationship Between PEO and
Non-PEO
NEO CAP and Net Income
The following chart sets forth the relationship between CAP for our PEO, the average of CAP for our
Non-PEO
NEOs and our net income during the four most recently completed fiscal years. CAP for all NEOs is generally aligned with PNC’s net income for 2021-2023, but CAP for all NEOs in 2020 appears much lower relative to our net income during 2020, which was significantly impacted by PNC’s strategic sale of its 22.4% equity investment in BlackRock. This sale resulted in an
after-tax
gain on sale of $4.3 billion. In 2020, net income from continuing operations, which excluded the impact of the BlackRock sale, was $3.0 billion, reflecting closer alignment for the full period presented.
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
Description of Relationship Between PEO and
Non-PEO
NEO CAP and Adjusted ROE
The following chart sets forth the relationship between CAP for our PEO, the average of CAP for the
Non-PEO
NEOs, and our Adjusted ROE (our CSM) during the four most recently completed fiscal years.
Similar to the graph above, CAP for all NEOs is generally aligned with PNC’s Adjusted ROE for 2021-2023, but CAP for all NEOs in 2020 appears lower relative to our Adjusted ROE during 2020. For a discussion of how our Human Resources Committee assessed our performance and our NEO pay for 2020, including the impact of the sale of our 22.4% equity investment in BlackRock during 2020, see the “Compensation Discussion and Analysis” section of our 2021 proxy statement.
 
LOGO
     
Total Shareholder Return Vs Peer Group
The graph below compares our cumulative TSR over the four most recently completed fiscal years to that of the S&P 500 Banks over the same period. As the graph reflects, our cumulative TSR over each of the four most recently completed fiscal years is above that of the S&P 500 Banks for each year during the same period. Taken together with the graph above, this reflects alignment between our NEOs’ CAP as disclosed in the Pay versus performance table with both (i) PNC’s cumulative TSR and (ii) PNC’s performance with respect to cumulative TSR relative to the S&P 500 Banks over the same period.
 
LOGO
     
Tabular List, Table
Tabular List of Most Important Financial Performance Measures
The following table presents the financial performance measures that the Company considers to have been the most important in linking CAP to our PEO and
Non-PEO
NEOs for 2023 to company performance. The measures in this table are not ranked.
 
Measure
Adjusted ROE
Adjusted EPS
Annualized Three-Year TSR Rank vs. Peers
Annualized Five-Year TSR Rank vs. Peers
      
Total Shareholder Return Amount $ 112.44 109.49 134.45 97.27
Peer Group Total Shareholder Return Amount 104.72 94.38 116.81 86.24
Net Income (Loss) $ 5,647,000,000 $ 6,113,000,000 $ 5,725,000,000 $ 7,558,000,000
Company Selected Measure Amount 0.1166 0.1259 0.0959 0.0939
PEO Name William S. Demchak      
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted ROE      
Non-GAAP Measure Description Adjusted ROE is a
non-GAAP
financial measure. See Annex A for a reconciliation of
non-GAAP
financial measures to GAAP and for additional information about the adjustments to GAAP measures. 		     
Measure:: 2        
Pay vs Performance Disclosure        
Name Adjusted EPS      
Measure:: 3        
Pay vs Performance Disclosure        
Name Annualized Three-Year TSR Rank vs. Peers      
Measure:: 4        
Pay vs Performance Disclosure        
Name Annualized Five-Year TSR Rank vs. Peers      
PEO | Exclusion Of Change In Pension Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (792,588) $ 0 $ (338,606) $ (1,399,380)
PEO | Exclusion Of Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (12,750,115) (15,000,015) (12,000,025) (10,320,237)
PEO | Inclusion Of Pension Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 377,527 370,608 478,826 393,939
PEO | Inclusion Of Equity Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 13,967,856 13,574,969 20,979,157 8,527,327
PEO | Year End Fair Value Of Equity Awards Granted During Year That Remained Unvested As Of Last Day Of Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 13,438,135 12,123,506 13,081,706 8,584,874
PEO | Change In Fair Value From Last Day Of Prior Year To Last Day Of Year Of Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 194,909 (944,686) 6,461,296 70,776
PEO | Change In Fair Value From Last Day Of Prior Year To Vesting Date Of Unvested Equity Awards That Vested During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 334,812 2,396,149 1,436,155 (128,323)
PEO | Total Inclusion Of Equity Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 13,967,856 13,574,969 20,979,157 8,527,327
Non-PEO NEO | Exclusion Of Change In Pension Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (179,416) (15,249) (95,656) (299,797)
Non-PEO NEO | Exclusion Of Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (4,296,382) (9,598,689) (4,165,160) (3,927,655)
Non-PEO NEO | Inclusion Of Pension Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 71,325 65,950 83,017 73,084
Non-PEO NEO | Inclusion Of Equity Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,296,555 9,632,808 7,874,785 2,872,704
Non-PEO NEO | Year End Fair Value Of Equity Awards Granted During Year That Remained Unvested As Of Last Day Of Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,453,842 9,201,403 4,773,399 3,439,287
Non-PEO NEO | Change In Fair Value From Last Day Of Prior Year To Last Day Of Year Of Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (174,429) (504,672) 2,545,225 (322,598)
Non-PEO NEO | Change In Fair Value From Last Day Of Prior Year To Vesting Date Of Unvested Equity Awards That Vested During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 17,142 936,077 556,161 (243,985)
Non-PEO NEO | Total Inclusion Of Equity Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 4,296,555 $ 9,632,808 $ 7,874,785 $ 2,872,704