PITTSBURGH, March 16, 2020 /PRNewswire/ -- The PNC
Financial Services Group, Inc. (NYSE: PNC) announced today that it
will temporarily suspend its common stock repurchase program
through June 30, 2020. This action is
being taken in conjunction with the Federal Reserve's effort to
support the U.S. economy during the COVID-19 pandemic. This
announcement does not impact PNC's dividend policy.
PNC recognizes that this unprecedented environment will
unfortunately cause stress on our customers, communities, employees
and shareholders. Importantly, PNC is well positioned with
strong capital and liquidity and is committed to putting its
resources to work in supporting these constituents and the broader
financial system at a critical time of need.
PNC retains the option to reinstate the buyback program prior to
June 30th as circumstances
change.
The PNC Financial Services Group, Inc. is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACTS:
MEDIA:
Marcey
Zwiebel
(412) 762-4550
media.relations@pnc.com
INVESTORS:
Bryan
Gill
(412) 762-4143
investor.relations@pnc.com
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SOURCE PNC Financial Services Group