PNC Financial Services Group

PNC unlikely to buy a digital bank, CEO Demchak says


The Pittsburgh company has reservations about the business model and staying power of online-only banks.


USAA sues PNC over mobile check deposit technology


The lawsuit follows two successful USAA suits against Wells Fargo that claimed infringement of patents.


PNC will cut 280 branches by end of 2021, CEO says


“What COVID has done for us is it has showed us where to prioritize investments,” William Demchak said at an industry conference in discussing the Pittsburgh company's plans to speed up the shift to digital banking.


Banks join push to give workers time off to vote


The move is part of the effort by banks and other companies to promote racial equity and be more sensitive to the stresses on front-line employees. It also coincides with rising concerns about the postal system’s ability to handle the rush of absentee ballots.


Banks ramp up child care, home-schooling support for working parents


As their employees continue to navigate the challenges of balancing work and home life during a pandemic, banks are pitching in to offer everything from child care reimbursement to nanny placement to tutoring services.


Diversity chiefs gain prominence as banks confront racial inequality


Institutions large and small are either creating new positions or elevating existing diversity heads to C-suite roles. Will the moves help banks improve equality within their ranks and better serve their communities?


Torrent of commercial loan paydowns pressures net interest income


Bank of America was the latest large bank to report a second-quarter drop in the key earnings metric after a March surge in credit line utilizations gave way to rapid payoffs in May and June.


PNC sees steep decline in forbearance requests. Will it last?


The Pittsburgh bank says fewer borrowers are asking for help and that many borrowers who received assistance are making payments again. But with the coronavirus pandemic still raging in much of the country, CEO William Demchak and other bankers are tempering their optimism.


U.S. Bancorp mulls more branch closings as customers flock to digital channels


The Minneapolis company said 75% transactions have been handled online since the pandemic hit.


Fintech shakeout, Main Street loan quandary, PNC diversifies leadership: Top stories of the week


New president of Promontory Interfinancial Network says recession will cause "hundreds" of nonbank disruptors to fail; lenders face dilemma over offering Main Street loans to noncustomers; PNC Financial expands, diversifies executive leadership team; and more from this week’s most-read stories.