THE PNC FINANCIAL SERVICES GROUP, INC. (NYSE:PNC) Files An 8-K Regulation FD Disclosure
Item7.01. Regulation FD Disclosure.
In its Annual Report on Form 10-K (2016 Form 10-K) for the year
ended December31, 2016, The PNC Financial Services Group, Inc.
(the Corporation) reported its financial results through six
business segments: Retail Banking, Corporate Institutional
Banking, Asset Management Group, Residential Mortgage Banking,
BlackRock and Non-Strategic Assets Portfolio.
Effective for the first quarter of 2017, as a result of changes
to how the Corporation manages its businesses, it realigned its
segments and, accordingly, has changed the basis of presentation
of its segments, resulting in four reportable business segments:
Retail Banking, Corporate Institutional Banking, Asset Management
Group and BlackRock.
The changes in business segment presentation resulting from the
realignment included the following:
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The Residential Mortgage Banking segment was combined into Retail Banking as a result of the Corporations strategic initiative to transform the home lending process by integrating mortgage and home equity lending to enhance product capability and speed of delivery for a better customer experience and to improve efficiency. In conjunction with this shift, residential mortgages previously reported within the Other category were also moved to Retail Banking. |
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The Non-Strategic Assets Portfolio segment was eliminated, reflecting the cumulative liquidation of the acquired portfolios previously reported in that segment. The segments consumer assets were moved to the Other category as they are discontinued portfolios, while its commercial assets were transferred to Corporate Institutional Banking in order to continue the relationships with those customers. |
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A portion of business banking clients was moved from Retail Banking to Corporate Institutional Banking to facilitate enhanced product offerings to meet the financial needs of business banking clients. |
In addition, the Corporation made certain adjustments to its
internal funds transfer pricing methodology primarily relating to
weighted average lives of certain non-maturity deposits. This
change in methodology affected business segment results,
primarily adversely impacting net interest income for Corporate
Institutional Banking and Retail Banking, offset by increased net
interest income in the Other category.
The information contained in this Form 8-K is being furnished to
assist investors in understanding how the Corporations business
segment results would have been presented in previously filed
reports had such results been reported to reflect the segment
realignment and the change in internal funds transfer pricing
methodology discussed above. These revisions did not affect the
Consolidated Statement of Income or Consolidated Balance Sheet.
The Corporations First Quarter 2017 Form 10-Q and subsequent filings
that include segment information will reflect these
revisions.
Revised Supplemental
Information to reflect the revisions discussed above is attached
hereto as Exhibit 99.1. This Revised Supplemental Information is
being furnished to Item 7.01, and shall not be deemed filed for
purposes of Section18 of the Securities Exchange Act of 1934, as
amended, nor shall the Revised Supplemental Information be deemed
incorporated by reference into any filings under the Securities
Act of 1933, as amended.
Item9.01. Financial
Statements and Exhibits.
(d) Exhibits. The exhibit
listed on the Exhibit Index accompanying this Form 8-K is
furnished herewith.
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About THE PNC FINANCIAL SERVICES GROUP, INC. (NYSE:PNC)
The PNC Financial Services Group, Inc. is a diversified financial services company. The Company has businesses engaged in retail banking, corporate and institutional banking, asset management and residential mortgage banking, providing its products and services nationally, as well as other products and services. Its segments include Retail Banking, which provides deposit, lending, brokerage, investment management and cash management services; Corporate & Institutional Banking, which provides lending, treasury management and capital markets-related products and services; Asset Management Group, which includes personal wealth management and institutional asset management; Residential Mortgage Banking, which originates first lien residential mortgage loans on a nationwide basis; BlackRock, in which it holds an equity investment, and Non-Strategic Assets Portfolio, which includes a consumer portfolio of mainly residential mortgage and brokered home equity loans and lines of credit. THE PNC FINANCIAL SERVICES GROUP, INC. (NYSE:PNC) Recent Trading Information
THE PNC FINANCIAL SERVICES GROUP, INC. (NYSE:PNC) closed its last trading session down -0.47 at 121.06 with 2,091,810 shares trading hands.