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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
The following disclosures reflect the adoption of ASU 2023-07, see Note 1 Accounting Policies in our 2024 Form 10-K for additional information related to our adoption of this ASU.

We have three reportable business segments: Retail Banking, Corporate & Institutional Banking and the Asset Management Group. Our reportable business segments are defined by the nature of products and services, types of customers, methods used to distribute products or provide services and similar financial performance. Results of our reportable business segments are regularly reviewed by the CODM, our Chief Executive Officer. Specifically, the CODM reviews actual and forecasted quarterly financial reporting results, including net income, to assess performance and allocate resources accordingly. However, the CODM may use other metrics on an ad hoc basis as warranted.

The following describes the products and services of each business segment:

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.

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 FTP 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 FTP framework considers the application of funding curves and methodologies consistently across the balance sheet. A residual gain or loss from FTP operations is not allocated to our reportable business segments. 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 not allocated to our reportable 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.

We have allocated the ALLL and the allowance for unfunded lending related commitments based on the loan exposures within each business segment’s portfolio.
Results of our reportable business segments for the three months ended March 31, 2025 and 2024 are as follows:
Table 80: Business Segment Results

Retail BankingCorporate & Institutional BankingAsset Management Group
Three months ended March 31
In millions		202520242025202420252024
Net interest income $2,826 $2,617 $1,628 $1,520 $184 $157 
Noninterest income706 764 978 888 243 230 
Total revenue3,532 3,381 2,606 2,408 427 387 
Provision for (recapture of) credit losses168 118 49 47 1 (5)
Noninterest expense
Personnel548 551 376 366 121 121 
Segment allocations (a)938 894 383 366 117 107 
Depreciation and amortization89 79 51 50 8 7 
Other (b)328 313 146 140 33 30 
Total noninterest expense1,903 1,837 956 922 279 265 
Income before income taxes and noncontrolling interests1,461 1,426 1,601 1,439 147 127 
Income taxes 340 333 353 313 34 30 
Net income 1,121 1,093 1,248 1,126 113 97 
Less: Net income attributable to noncontrolling interests9845— — 
Net income excluding noncontrolling interests$1,112 $1,085 $1,244 $1,121 $113 $97 
Average Assets$112,971 $114,199 $227,069 $228,698 $16,702 $16,728 
(a)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(b)Other is primarily comprised of other direct expenses including outside services and equipment expense.
The following table represents reconciliations of financial results for the three reportable segments to our consolidated reporting.
Table 81: Reconciliation of Business Segment Results to Consolidated

Three months ended March 31
In millions		20252024
Revenues
Total business segment revenue$6,565 $6,176 
Revenues from other activities (1,113)(1,031)
Total revenue$5,452 $5,145 
Noninterest Expense
Total business segment noninterest expense$3,138 $3,024 
FDIC special assessment — 130 
Noninterest expense from other activities249 180 
Total noninterest expense$3,387 $3,334 
Net Income
Total business segment net income$2,482 $2,316 
FDIC special assessment — (130)
Net income (loss) from other activities(983)(842)
Net income$1,499 $1,344 
Average Assets
Total business segment average assets $356,742 $359,625 
Average assets from other activities199,635 203,223 
Total average assets $556,377 $562,848 

Other activities reflect the remaining corporate operations that do not meet the criteria for disclosure as a separate reportable business. These include residual activities 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 FTP operations.