The PNC Financial Services Group, Inc. (PNC) Presents at Morgan Stanley US Financials, Payments & CRE Conference (Transcript)

The PNC Financial Services Group, Inc. (NYSE:PNC) Morgan Stanley US Financials, Payments & CRE Conference June 11, 2025 1:45 PM ET

Company Participants

Robert Q. Reilly – EVP, CFO & Director
William S. Demchak – Chairman & CEO

Conference Call Participants

Betsy Lynn Graseck – Morgan Stanley, Research Division

Betsy Lynn Graseck

[Audio Gap] I have a disclosure to read, so I’ll read that. For important disclosures, please see Morgan Stanley research disclosure website at morganstanley.com/researchdisclosure. Taking of photographs and recording devices is also not allowed. If you have any other questions, reach out to your Morgan Stanley representative.

Okay. With that out of the way, thank you so much and good afternoon. Thank you so much to Bill Demchak and Rob Reilly, CEO and CFO of PNC. So glad to have you with us this afternoon.

William S. Demchak

Great to be to be here.

Question-and-Answer Session

Betsy Lynn Graseck

All right. Okay. So why don’t we just start off with the macro and get a sense of what you’re seeing now? At the beginning of the quarter, there was a lot of volatility. It seems to have died down a little bit. And so wanted to understand how was that vol? How did you manage through it? And did it result in any changes to guidance?

William S. Demchak

So there is volatility in markets. There actually wasn’t volatility in activity. The hard data remains strong. The soft data scares everybody. But what we see inside of our book in terms of credit, client activity, all remains pretty solid. Consumer spending look solid. We don’t have any change in our guidance at the margin. You’ll see NII a little stronger on the back of a little better loan growth and at the margin, you’ll see fees a little softer on the back of lower outcomes in our private