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
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
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.
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.
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.
Councils are responsible for overseeing strategic corporate initiatives that impact the creation and sustainment of an inclusive corporate culture and a talented, diverse workforce
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
Low Cash Mode® gives our customers unprecedented account transparency and payment control, including the power to prioritize debits
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.
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
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
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
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.
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
Expanding our talent base
We continue to grow our efforts to recruit and retain employees of diverse backgrounds
Creating a high-opportunity workplace
PNC University (PNCU) offers employees 50,000+ learning and development opportunities, both in the classroom and online
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.
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
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
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
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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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Low Cash Mode is a registered mark of The PNC Financial Services Group, Inc.
Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.