PNC Releases 2023 Corporate Responsibility Report Highlighting Efforts to "Brilliantly Support All Stakeholders"

Rhea-AI Summary

PNC Financial Services Group released its 2023 Corporate Responsibility Report, highlighting extensive efforts to support various stakeholders. Significant accomplishments include deploying $56 billion out of an $88 billion Community Benefits Plan, positively impacting low- and moderate-income communities. PNC reduced overdraft fees by over 60%, saving customers $672 million, and mobilized $7 billion in client environmental financing. Additionally, PNC's mobile branches impacted nearly 9,000 individuals, and over 27,000 people benefited from financial education classes. The report also noted a reduction in energy use, carbon emissions, and water consumption, alongside achieving 48% of its renewable electricity target.

Positive

• $56 billion of the $88 billion Community Benefits Plan deployed, impacting low- and moderate-income communities.
• Reduction of overdraft fees by more than 60%, saving customers $672 million.
• Mobilized $7 billion in client environmental financing, bringing the total to $22.9 billion towards a $30 billion pledge.
• Mobile branches impacted nearly 9,000 individuals through community partnerships.
• Over 27,447 individuals benefited from 1,584 financial education classes.
• Reduction in energy use by 11%, carbon emissions by 10%, and water use by 4%.

Negative

• None.

NORTHAMPTON, MA / ACCESSWIRE / June 28, 2024 / The PNC Financial Services Group:

PNC's success is dependent upon our ability to create long-term value for all our stakeholders. Our unwavering focus on smart risk management and old-fashioned, relationshipbased customer service builds the foundation from which we can then engage deeply and meaningfully across the many constituencies we serve. We are active partners in strengthening our communities. We invest in building an inclusive workplace where all employees are heard and valued and can do their best work. We offer our clients practical, actionable advice for a rapidly changing world. We also provide the kind of steady, even-keeled management that gives our investors trust in our governance, management, business strategy and day-to-day operations.

It may not sound flashy, but our clients, investors, communities and employees know they can trust and rely on us to do right by them, market by market, coast to coast.

Building a more inclusive financial services system is a high priority for us and we continued to help our customers progress confidently in their financial journeys. We're more than halfway to fulfillment of our $88 billion Community Benefits Plan to improve economic opportunities in low- and moderate-income (LMI) communities through new investments in homeownership, entrepreneurship and revitalization efforts. As of December 2023, we deployed $56 billion, nearly 64 percent of the total amount committed.

Our mobile branches completed more than 1,500 deployments, driving over 57,000 miles in 2023. This reach has positively impacted nearly 9,000 individuals through collaboration with more than 80 community organizations. We also served more than 27,447 LMI individuals via 1,584 financial education classes. And since 2021, PNC has reduced overdraft fees by more than 60 percent, saving our customers more than $672 million.

When our customers, communities, shareholders and employees flourish, we flourish. We know that being good environmental stewards is essential to supporting a high quality of life for our stakeholders. That's why in 2023, we mobilized more than $7 billion in client environmental financing, cumulatively bringing us to $22.9 billion toward our $30 billion Environmental Finance Pledge. In addition, 2023 marks the first time that we disclosed our financed emissions using the methodology available through our membership in the Partnership for Carbon Accounting Financials (PCAF).

None these accomplishments would be possible without the dedication and strength of PNC's 56,000-plus colleagues across the company who work each day to deliver for all our stakeholders.

Highlights for 2023 include:

• 5,000+ employees have enrolled in academic programs though PNC's education benefit since the program expansion in late 2022
• 83,433 volunteer hours were completed by employees
• 5,243 employees served as Certified Women's Business Advocates
• 31% of employees participated in PNC's Employee Business Resource Groups (EBRGs)
• $56 billion of PNC's $88 billion Community Benefits Plan has been deployed in the first two years of the plan, including:
  • $38.3 billion to affordable homeownership (of $47 billion commitment)
  • $9.8 billion to small business loans (of $26.5 billion commitment)
  • $7.9 billion to community financing (of $14.5 billion commitment)
  • $249.8 million in charitable giving (of $500 million commitment)
  • $352.3 million spent with diverse suppliers (Tier 1 and Tier 2)
• 1,500 mobile branch deployments traveled over 57,000 miles and impacted nearly 9,000 individuals
• 1,584 financial education classes reached 27,447 in low- and moderate-income (LMI) individuals
• $672 million has been saved by our customers in overdraft fees using the features of Low Cash Mode® and through our pricing changes
• $6.48 billion in responsible investing assets were under management
• $22.9 billion was deployed toward our $30 billion environmental finance pledge, since the pledge announcement
• Progress was made on PNC's operational targets by reducing energy use by 11%; carbon emissions by 10% and water by 4%
• 48% of our renewable electricity purchased target was achieved (out of our 100% goal by 2025)
• Disclosed our financed emissions for the first time
• Enhanced our capabilities related to data breach laws and regulations to PNC's privacy program.
• Expanded our customer awareness campaign across online, social media and digital banking channels, helping customers recognize and prevent potential threats. This includes new content and alerts within the Zelle® experience in our mobile app and on our website, to help customers identify common peer-to-peer payment scams.

Media Contact: Kristen Pillitteri, SVP, Communications Director, Corporate Responsibility

Read More

View additional multimedia and more ESG storytelling from The PNC Financial Services Group on 3blmedia.com.

Contact Info:

Spokesperson: The PNC Financial Services Group
Website: https://www.3blmedia.com/profiles/pnc-financial-services-group
Email: info@3blmedia.com

SOURCE: The PNC Financial Services Group

View the original press release on accesswire.com

FAQ

What are the key highlights of PNC's 2023 Corporate Responsibility Report?

PNC's 2023 Corporate Responsibility Report highlights deploying $56 billion of an $88 billion Community Benefits Plan, reducing overdraft fees by over 60%, mobilizing $7 billion in client environmental financing, and reducing energy use, carbon emissions, and water consumption.

How much has PNC saved customers in overdraft fees according to the 2023 report?

PNC has saved customers over $672 million in overdraft fees by reducing these fees by more than 60%.

How much of PNC's Community Benefits Plan has been deployed as of 2023?

As of 2023, PNC has deployed $56 billion of its $88 billion Community Benefits Plan.

What progress has PNC made towards its Environmental Finance Pledge?

PNC has mobilized $7 billion in client environmental financing in 2023, bringing the total to $22.9 billion towards its $30 billion Environmental Finance Pledge.

How many individuals were impacted by PNC's mobile branches in 2023?

PNC's mobile branches positively impacted nearly 9,000 individuals in 2023.

How many people benefited from PNC's financial education classes in 2023?

In 2023, more than 27,447 individuals benefited from PNC's 1,584 financial education classes.

What environmental targets did PNC achieve in 2023?

In 2023, PNC achieved a reduction in energy use by 11%, carbon emissions by 10%, water use by 4%, and reached 48% of its renewable electricity target.