Corporate Responsibility Report
Leading the way to a brighter future, coast to coast.
Download 2021 ReportOur ESG Commitment, at a Glance
Messages from our leadership
We are committed to our employees, customers, communities and environment because it’s right for our company, our people and our world. And our commitment to that belief has never been stronger.
Message from our CEO
While 2020 was one of the most difficult years that I can remember, 2021 was perhaps the most extraordinary. Amid this change and against the backdrop of global economic, social and environmental issues, we continued to show up as a National Main Street Bank, upholding our commitments and looking out for the best interests of our key stakeholders.
- William S. Demchak, PNC Chairman, President and Chief Executive Officer
Message from our CCRO
As a business, we respond to change by evolving and adapting while building flexible plans for the future, and we do so with a renewed sense of optimism. That’s because throughout the uncertainty of the past few years, one constant has been the strength, resilience and spirit of PNC.
- Richard K. Bynum, Chief Corporate Responsibility Officer
since 2016
Delivering for our Stakeholders
Customers, Communities, Employees and Shareholders
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 our stakeholders, including our customers, communities, employees and shareholders. We believe that our success will be proportional to the prosperity we help to create for each of these stakeholders.
To deliver for our stakeholders, we first
listen to them.
In 2021, we conducted our third materiality analysis to ensure that our priority issues reflect rapidly evolving environmental, social and governance considerations and stakeholder interests. Through this process, we identified several issues of greatest interest to our stakeholders. These issues include information security; diversity; and inclusion; talent management and engagement; ESG risk management; customer privacy; ethics and compliance; and financial access and inclusion.
Learn more about the progress we're making through our ESG Scorecard.
Customers
Our customers are at the center of everything we do. Even in challenging times, our approach to customer care allows us to react and adjust our products and services with speed and flexibility.
40
Regional Diversity and Inclusion Councils
Councils are responsible for overseeing strategic corporate initiatives that impact the creation and sustainment of an inclusive corporate culture and a talented, diverse workforce
51,000+
participants in financial education classes focused on LMI individuals and communities
Supporting virtual financial education
During the pandemic in 2021, through our nonprofit partners, we taught classes to help participants budget and manage their finances during unprecedented times
50%
reduction in overdraft fees and related complaints
Low Cash Mode® gives our customers unprecedented account transparency and payment control, including the power to prioritize debits
Communities
As a Main Street Bank, we believe that being a part of the community is about more than our physical location. We take pride in how we strengthen and serve our communities, as these relationships are at the heart of our business model.
$88 billion
Community Benefits Plan
Developing communities
By 2025, we will provide $88 billion in loans, investments and other support for diverse and low-and moderate-income communities, advancing economic empowerment and addressing systemic racism
Read more about PNC’s Community Benefits Plan
$1.5 billion
pledged to support racial and social justice
Combat systemic racism
In January 2022, our more than $1 billion commitment to help support the economic empowerment of Black and low- and moderate-income individuals and communities expands to more than $1.5 billion and folds into PNC’s $88 billion Community Benefits Plan
8 million
children reached since 2004
Supporting early childhood education
PNC Grow Up Great® is our signature $500 million multiyear, bilingual initiative to help prepare children from birth to age 5 for success in school and life
Read more about Grow Up Great
Employees
We place great importance on having the right people, in the right roles, with the right skills, doing their best work. By focusing on the growth and development of our team members, we deliver exceptional results for our customers—and for our communities and shareholders as well.
36%
women among independent board directors
Promoting diversity and inclusion
We also remain focused on building and maintaining a diverse board of directors and continuing to increase the diversity of our executive leadership team
Learn more about Diversity and Inclusion at PNC
34%
racial/ethnic minorities in PNC’s employees
Expanding our talent base
We continue to grow our efforts to recruit and retain employees of diverse backgrounds
3+ million
total employee training hours
Creating a high-opportunity workplace
PNC University (PNCU) offers employees 50,000+ learning and development opportunities, both in the classroom and online
Shareholders
Our goal is to create value for our shareholders in ways that inspire confidence in our governance, business strategy and day-to-day operations, which is why we manage ESG risk actively at both the transaction and the portfolio levels.
$20 billion
in environmental finance over five years
Investing in a low-carbon economy
We’ve committed to mobilize $20 billion in environmental finance and have achieved nearly 47 percent of our commitment just one year into our plan in 2021
$3.9 billion
in responsible investing (RI) assets under management
Managing client capital sustainably
RI assets under management increased 17% from 2020. We help clients invest in line with their values by integrating ESG into decision criteria
Learn more about responsible investing
$1.3 billion
from green bond issuance in 2019 and the social bond issuance in 2020
Financing sustainable growth
Social and green bonds support our existing sustainable finance initiatives and provide us with the opportunity to promote positive social outcomes
Learn more about Sustainable Financing Bond Framework
Building a Sustainable Future
Our Climate Action Strategy
We formalized our Climate Action Strategy, a pathway to finance the transition to the low-carbon economy.
We’re already making progress in four areas: engaging our employees; collaborating for long-term solutions; understanding and supporting our customers’ transition plans; and executing on ambitious operational sustainability goals. We’re beginning work on the fifth: aligning our portfolio with the emissions reduction goals of the Paris Agreement.
Engage our employees, PNC’s Climate Transition Advocates initiative will enable employees to have climate transition-related conversations with clients
Collaborate for long-term solutions, PNC is an engaged and active participant in relevant working groups, coalitions and partnerships focused on climate transition
Understand and support our customers’ transition plans, PNC is committed to providing the financing and advice our clients need to create and execute on their own climate transition plans
Execute on ambitious operational sustainability goals, PNC is committed to continually setting and achieving ambitious carbon emissions, energy use, water use and renewable electricity goals
Align our portfolio with the emissions reduction goals of the Paris Agreement, PNC is committed to finding ways to align our portfolio with the goals of the Paris Agreement over time, relying on the four previous pillars to inform our approach
Our Story Continues
Learn more about how we are delivering on our commitments to our stakeholders and building a more sustainable future.
Corporate Responsibility (CR) Report
Learn how we continue to progress against our ESG priorities and targets and our goals for 2021 and beyond.
Task Force on Climate-Related Financial Disclosure (TCFD) Report
Learn how we are supporting business resilience to physical climate risk and the transition to a low-carbon economy.
News & Updates
We believe that our company should serve a greater purpose. That’s why we’re committed to the success of our employees, customers and the communities we serve. Read below to find the latest news on how we serve our stakeholders.
Communities
PNC Supports Women Entrepreneurs Through New PNC Bank + Coralus Collective
Initiative pairs women business owners with Coralus community and PNC’s specialized financial resources.
3 min read
Communities
Angel City Partnership Takes Flight
PNC finds shared commitment to women’s financial equality in sponsorship of Los Angeles professional women’s soccer team Angel City Football Club.
4 min read
Customers
Small Business Owners Optimistic About Business Success in Near-Term
Despite inflation and fears of economic slowdown, business owners confident about future, according to latest PNC survey.
2 min read
Important Legal Disclosures & Information
The content in PNC’s corporate responsibility materials, including our Corporate Responsibility Reports and Newsletters, is accurate as of the date of each such report. Updates or changes to any of our corporate responsibility materials will be reflected in the online version of such report, which can be found at www.pnc.com/csr. Our corporate responsibility materials should be read in conjunction with PNC’s then current Annual Report and Proxy Statement, both of which contain additional information about our company. Our corporate responsibility materials use certain terms, including those that the GRI sustainability reporting guidelines refer to as "Material topics," to reflect the issues of the greatest importance to PNC and our stakeholders. Used in this context, these terms should not be confused with the terms "material" or "materiality," as defined by or construed in accordance with securities law, or as used in the context of financial statements and financial reporting. Furthermore, any forward-looking statements contained in our corporate responsibility materials should not be unduly relied upon, as actual results could differ materially from expectations. For more information about such statements, please refer to the "Forward-Looking Statements" and "Risk Factors" sections of our latest Form 10-K in PNC’s Annual Report, as updated or supplemented by our subsequent filings with the Securities and Exchange Commission, which can be found at www.pnc.com/investorrelations.
This material does not constitute an offer or solicitation in any jurisdiction where or to whom it would be unauthorized or unlawful to do so.
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