Core Viewpoint - The nine largest U.S. banks have been found to have policies that restrict financial services to certain controversial industries, a practice referred to as "debanking," according to a report from the Office of the Comptroller of the Currency (OCC) [1][3]. Group 1: Regulatory Review - The OCC initiated a review following an executive order from President Donald Trump aimed at investigating banks for practices that may bar customers based on political or religious beliefs [2]. - The review revealed that from 2020 to 2023, the banks had policies that either denied services to specific industries or imposed excessive scrutiny beyond actual financial risks [3]. Group 2: Accountability and Future Actions - Comptroller of the Currency Jonathan Gould criticized the banks for their debanking policies and stated that the OCC will hold them accountable to prevent unlawful debanking practices in the future [4][5]. - The OCC is currently reviewing thousands of complaints related to debanking based on political or religious beliefs and may refer cases to the Justice Department [5]. Group 3: Industry Response - The banks involved, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO Bank, either declined to comment or did not respond to inquiries regarding the report [6]. - The Bank Policy Institute, representing larger banks, expressed that banks aim to serve as many customers as possible and supports regulatory clarity [6][7]. - The industry advocates for fair access to banking and is collaborating with Congress and the administration to ensure compliance with sound risk management while serving law-abiding customers [7].

Joining us here at Post 9 this morning is PNC Asset Management Chief Investment Strategist Young Yuma. Welcome back. It's good to see you.>> Thanks, Col. Great to be here. >> Um, we've been talking about how built in the consensus view is about this afternoon.Any reason to think there might be surprises. >> Well, the consensus view on a hawkish cut is pretty well established, but it's interesting sometimes when you get actually the result of the consensus. So, if the Fed delivers that hawkish cut, sometimes ...

Core Viewpoint - PNC Bank is the first major U.S. bank to integrate spot bitcoin access into its digital banking platform through a partnership with Coinbase, potentially marking a significant shift for cryptocurrency in traditional banking [1] Group 1: Company Developments - PNC Bank has partnered with Coinbase to allow private banking clients to trade bitcoin directly within its digital banking platform [1] - This integration eliminates the need for clients to open separate cryptocurrency exchange accounts, streamlining the trading process [1] Group 2: Industry Implications - The move by PNC Bank could signify a tipping point for the acceptance of cryptocurrency within traditional banking systems [1]

Economic Overview - The current economy appears strong with consumers actively spending and average consumer balances increasing across all cohorts [2] - Employment levels remain robust, with minimal changes in unemployment rates observed over the past year [2] GDP and Interest Rates - The GDP growth forecast for next year is projected to be around 2%, similar to this year, without significant fluctuations [3] - Anticipation of a couple of interest rate cuts in the upcoming year [3]

Summary of PNC Financial Services Group Conference Call Company Overview - **Company**: PNC Financial Services Group (NYSE: PNC) - **Date**: December 09, 2025 Key Points Macroeconomic Outlook - The economy remains strong with consumer spending increasing and average consumer balances rising across all cohorts [3][5] - GDP growth is expected to be around 2% for the next year, with potential rate cuts anticipated towards the end of the year [3][4] Consumer Behavior - No significant distress observed in consumer spending, even among lower-income cohorts [5] - Spending categories have shifted, but overall spending is up [5] Financial Performance - Net interest income (NII) guidance remains positive, with expectations of over $1 billion growth next year [24][26] - Capital markets have shown recovery, leading to better-than-expected fee income [7][8] Strategic Priorities - PNC plans to build 300 new branches, a significant increase in branch expansion efforts [10][39] - Investments in technology include a complete refresh of data centers and transitioning to microservices for better adaptability [10][11] Loan Growth - C&I loans have grown by approximately 4% over the last couple of years, while real estate loans have decreased by 14% [13][14] - Positive inflection in commercial real estate loan growth is expected next year [12] Regulatory Environment - Recent changes in OCC guidance on leveraged lending may allow PNC to expand its lending capabilities [16][18] - The company is positioned to take advantage of smart lending opportunities that were previously restricted [16][17] Deposit Growth - Commercial deposits saw a significant increase in Q3, driven by competitive on-balance sheet rates [22] - Retail deposits are performing well, with no significant pressure observed [22][23] Capital Management - PNC is targeting a capital ratio of 10%, with plans for aggressive share repurchases [45][51] - The integration of First Bank is expected to be EPS neutral initially, with a positive impact on earnings thereafter [26][57] Efficiency Improvements - The company has reduced operational roles significantly through automation, with AI expected to further enhance efficiency [29][30] - Continuous investment in technology is seen as essential for maintaining competitiveness in a consolidating industry [34][35] Market Position and Growth Initiatives - PNC aims to achieve a 7% market share in key markets, which is believed to lead to disproportionate deposits per branch [38][39] - The focus remains on organic growth rather than pursuing large acquisitions, as the current market does not present attractive opportunities [62][63] Investment Case - The market is perceived to be overly focused on potential mergers and acquisitions rather than the intrinsic growth of PNC [67][68] - PNC's financial metrics are strong compared to peers, indicating a solid investment case despite market skepticism [67][68] Additional Insights - The company emphasizes the importance of maintaining a long-term growth strategy rather than short-term gains through acquisitions [35][58] - PNC's approach to capital deployment prioritizes organic growth opportunities over opportunistic acquisitions [51][52]

Core Viewpoint - PNC Bank has become the first major US-based banking firm to offer direct Bitcoin trading for qualified institutional clients through a partnership with Coinbase, enhancing its digital asset services [1][2]. Group 1: Direct Bitcoin Trading Launch - PNC Bank has launched direct Bitcoin trading for approved clients via its digital banking platform, utilizing Coinbase's Crypto-as-a-Service (CaaS) [2]. - This service allows clients to buy, sell, and hold Bitcoin directly without needing a separate exchange account [2][4]. Group 2: Financial Performance and Growth - PNC Financial Services Group Inc. reported a 6.5% sequential increase in total assets for Q3 2025, marking the third-highest growth among US banks [3]. - The growth is significantly attributed to PNC's acquisition of FirstBank Holding Co. for $4.04 billion, one of the largest bank deals in 2025 [4]. Group 3: Industry Trends - The move into Bitcoin trading aligns with a broader trend among traditional financial institutions to integrate digital assets into their offerings [5]. - Other banks, such as Bank of America, are also advising clients to allocate portions of their portfolios to cryptocurrency despite market volatility [5].

Core Insights - PNC Bank has launched a service allowing eligible clients to buy, hold, and sell bitcoin directly through its digital banking system, marking a significant step in integrating cryptocurrency into traditional banking services [1][2]. Group 1: Partnership and Offerings - The direct bitcoin trading capabilities are powered by Coinbase's Crypto-as-a-Service (CaaS) infrastructure, representing the first offering from the partnership between PNC and Coinbase announced in July [2]. - Future phases of this offering will include enhanced features and services, with plans to expand access to more client segments [2][4]. Group 2: Market Context and Leadership Statements - PNC's Chairman and CEO, William S. Demchak, emphasized the bank's responsibility to provide secure options for clients as interest in digital assets grows [3]. - Coinbase's co-CEO, Brett Tejpaul, highlighted the collaboration as a model for traditional financial institutions and blockchain-native companies to work together in a compliant manner [3]. - Demchak indicated that PNC would be adding solutions related to cryptocurrency and stablecoins, enhancing their service offerings [4]. Group 3: Industry Trends - Coinbase CEO Brian Armstrong noted that leading banks are embracing cryptocurrency as an opportunity, while those resisting may fall behind [6].

PNC Bank debuted a service on Tuesday that allows some customers to trade Bitcoin on its banking platform, broadening the asset’s accessibility through Coinbase. The bank said the exchange’s “Crypto-as-a-Service” model underpins the offering, which rolled out to eligible customers following the announcement of a strategic partnership in July. The option is available to customers of PNC Private Bank, its service for high-net-worth customers and business owners. As the eighth-largest commercial bank by assets ...

Core Insights - PNC Financial Services Group has enabled high-net-worth clients to trade Bitcoin directly through their investment accounts, fulfilling a goal set during a partnership with Coinbase established in July [1][3] - This move represents a trend of traditional financial institutions offering digital asset trading services through their platforms, previously dominated by cryptocurrency exchanges like Coinbase [1][3] - Coinbase will provide brokerage services and technical integration support to facilitate Bitcoin transactions of any amount for PNC clients [1][3] Group 1 - The service is currently available only to PNC's private banking clients, including high-net-worth investors and family offices, allowing them to purchase cryptocurrencies using funds from their PNC checking accounts [1][3] - PNC's CEO Bill Demchak expressed concerns about fintech companies encroaching on the bank's client relationships, potentially reducing banks to mere backend service providers [1][3] - Coinbase is increasingly offering custody and trading services to financial institutions looking to enter the cryptocurrency space, likening its growth to Amazon's expansion into cloud services [1][3] Group 2 - As part of the collaboration, PNC also provides banking services such as cash management to Coinbase [2][4] - PNC's Chief Investment Officer Amanda Agati noted that Bitcoin trading is not the bank's first cryptocurrency-related service, as it has previously offered passive ETFs for Bitcoin and Ethereum [2][4] - Agati emphasized that the exploration of digital assets is still in its early stages, and building comprehensive client relationships is crucial to prevent clients from seeking cryptocurrency investments elsewhere [2][4] Group 3 - Agati stated that the current interest from clients is not necessarily due to them being large cryptocurrency investors, but rather their desire to understand the nature, operation, and long-term investment value of such assets [5] - PNC plans to expand Bitcoin trading services to institutional investors, including non-profits, endowments, and foundations next year [5]

Core Insights - PNC Bank has become the first major U.S. bank to offer direct bitcoin trading to its private banking clients, integrating this feature into its digital banking platform [1][4] - The new bitcoin trading feature is powered by Coinbase's Crypto-as-a-Service (CaaS) platform and allows clients to trade bitcoin without needing separate crypto exchange accounts [2][3] Partnership and Development - The partnership between PNC and Coinbase has been in development since 2021 and was formally announced in July 2023 [1][4] - Coinbase provides custody, trade execution, and compliance services, enabling PNC to offer crypto exposure without holding the assets or registering as a crypto broker [3] Market Impact - This collaboration reflects a growing trend of traditional financial institutions embracing digital assets, aiming to meet the increasing demand for secure access to cryptocurrencies [3][4] - The initiative allows high-net-worth clients of PNC to buy, sell, and hold bitcoin within their existing accounts, simplifying their entry into the cryptocurrency market [4]