PNC’s recently-released 2022 Corporate Responsibility Report gives a snapshot of its efforts and progress on commitments to advance and improve the communities it serves nationwide — and support its 61,000 employees — on multiple fronts.
The report is not new for the Pittsburgh-based bank, but 2022 is the first full year of combined PNC and BBVA USA operations, meaning expanded geography and increased financial commitments in some key areas. The acquisition of BBVA USA took PNC’s footprint coast-to-coast.
The new report includes the $88 billion Community Benefits Plan, which began on Jan. 1, 2022. Last year, PNC deployed $35.1 billion, almost 40% of the total, through lending, investing and generational wealth-building.
PNC Financial Services Group Inc. (NYSE:PNC) is Pittsburgh’s largest bank by deposit market share and among the nation’s 10 biggest banks by assets.
Among the highlights in 2022 PNC’s report cited:
- Enhanced approach to integrating climate risk into overall enterprise risk management framework and established a new climate risk committee with a cross-functional group of impacted stakeholders.
- Partnered with Guild to give PNC employees access to a catalog of tuition-covered professional certificates, college prep courses and associate’s and bachelor’s degrees to help advance career mobility.
- Launched Minority Business Development Group and PNC Certified Minority Business Advocate program with 1,000 PNC employees earning the latter certification.
- Expanded PNC’s PartnerUP program — an initiative steering high school graduates into well-paying careers in high-growth industries — from the Pittsburgh market to serve all 30 high schools in the Cleveland Metro School district.
- Provided 1,000 financial education classes reaching more than 18,600 LMI (lower-to moderate-income) individuals.
- Saved customers more than $425 million in overdraft and non-sufficient funds fees.
- Increased commitment to mobilize environmental financing from $20 billion to $30 billion.
The Corporate Responsibility Report also said PNC employees contributed a combined 64,072 volunteer hours in 2022 and earned $154,000 in volunteer grants.
Source: bizjournals.com
