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PNC Issues Corporate Responsibility, Taskforce on Climate Related Financial Disclosure Reports

Published 08-26-21

Issued by PNC Financial Services Group

Summary

PNC’s 2020 Corporate Responsibility Report highlights the bank’s impact on clients, communities, employees, and shareholders.

Report Highlights

PNC’s 2020 Corporate Responsibility (CR) Report, What Makes Us Different Makes Us Stronger, is now available on pnc.com/csr, as is the company’s inaugural Taskforce for Climate-related Financial Disclosures (TCFD) Report. The CR Report highlights how PNC has delivered on its strong values and supported the needs of key stakeholders during a pandemic, economic crisis and widespread social unrest.

“As we continue to manage through the impacts of 2020 … I am grateful for and inspired by how much we have accomplished as a company. While PNC has always looked out for the best interests of our stakeholders, we stepped up to last year's crises in new and impactful ways," CEO Bill Demchak said.

As a Main Street bank, PNC recognizes that its success is directly proportional to the success of those the bank serves. To that end, PNC is committed to leveraging the power of its resources to help all move forward financially. This includes helping to make a positive difference for its customers, communities, employees and shareholders.

Highlights of the 2020 report include:

Creating Impact for Customers

  • Funded $13.7 billion in Paycheck Protection Program loans
  • Extended nearly $10 billion of credit to corporate and institutional borrowers
  • Provided relief to more than 300,000 consumers and small businesses through loan extensions, deferrals, partial payments and forbearance across home lending, auto, credit card, education and small business services
  • Halted consumer real estate foreclosures
  • Launched Virtual Wallet Checking Pro

Creating Impact for Communities

  • Announced $88 billion community benefits plan, including $47 billion in home lending, $26.5 billion in small business lending and $14.5 billion in community development financing
  • Launched Low Cash Mode to give Virtual Wallet customers more control over their finances
  • Committed $1 billion to help end systemic racism and support economic empowerment of Black Americans and low- to moderate-income communities
  • Granted $19 million to organizations supporting high-quality early childhood education
  • Committed $30 million to support communities' responses to COVID-19

Creating Impact for Employees

  • Launched Listen, Learn, Act initiative to help drive diversity and inclusion efforts
  • Recognized by the Human Rights Campaign as a Best Place to Work for LGBTQ Equality for the ninth consecutive year
  • Scored 100% on Disability Equality Index
  • Responded quickly to adapt health, safety and well-being guidelines for employees during COVID-19

Creating Impact for Investors

  • Included on Barron's list of 100 most sustainable companies
  • More than $36 billion in sustainable financing since 2016
  • $3.4 billion in responsible investing assets under management
  • Publication of first TCFD Report

Moving forward

“As we move forward, we remain committed to being as transparent as possible and using what we learn to better look after our business, our employees, our clients, our communities and our environment. I'm proud of our progress and am aware that the road ahead of us remains long. We'll continue to need your help with understanding and responding to the important environmental, social and corporate governance and business issues that lie before us," Bill said.

Please visit www.pnc.com/csr for more information.

For media inquiries, please call 412-762-4550 or email media.relations@pnc.com.

PNC Financial Services Group

PNC Financial Services Group

As a Main Street bank, we are committed to delivering on each of our strategic priorities while looking out for the best interests of all of our stakeholders, including our customers, communities, employees and shareholders. Our focus on operating with integrity drives us to help our customers achieve their goals while also strengthening our communities, reducing our environmental impact and empowering our employees to grow.

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