---
schema_version: "secwatch.filing_event.v1"
accession: "0000713676-23-000069"
form_type: "8-K"
ticker: "PNC"
cik: "0000713676"
company_name: "PNC FINANCIAL SERVICES GROUP, INC."
filed_at: "2023-10-13T23:59:59+00:00"
generated_at: "2026-06-10T00:19:20.696830+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# PNC Q3 net income $1.57B, EPS $3.60; plans 4% workforce reduction with $150M charge

## Summary
- Revenue $5.23B (-1% QoQ, -6% YoY); net interest margin compresses to 2.71% from 2.79% QoQ.
- Diluted EPS $3.60 vs $3.36 in Q2; net income $1.57B vs $1.50B.
- CET1 capital ratio improved to 9.8% (up 30bps); tangible book value per share $78.16.
- Workforce reduction of ~4% to save $325M annually; $150M pre-tax charges in Q4.
- Average loans $319.5B (-2% QoQ); average deposits $422.5B (-1% QoQ).

## SEC filing metadata
- accession: 0000713676-23-000069
- form_type: 8-K
- ticker: PNC
- cik: 0000713676
- company_name: PNC FINANCIAL SERVICES GROUP, INC.
- filed_at: 2023-10-13T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 2.05, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/713676/000071367623000069/0000713676-23-000069-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/713676/000071367623000069/pnc-20231013.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000713676-23-000069
- JSON: https://secwatch.observer/filing/0000713676-23-000069.json
- Plain text: https://secwatch.observer/filing/0000713676-23-000069.txt

## Key facts
- Earnings Releases
  PNC FINANCIAL SERVICES GROUP, INC. reported financial results for the third quarter of 2023.
  - Period: the third quarter of 2023
  - Result: reported results
  source text: On October 13, 2023 , The PNC Financial Services Group, Inc. (the “Corporation”) issued a press release regarding the Corporation’s earnings and business results for the third quarter of 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/713676/000071367623000069/0000713676-23-000069-index.htm
- Restructurings & Charges
  PNC FINANCIAL SERVICES GROUP, INC. announced a restructuring with charges of approximately $150 million (approximately 4 percent).
  - Type: restructuring
  - Charge: approximately $150 million
  - Headcount: approximately 4 percent
  source text: On October 6, 2023, as part of ongoing cost reduction initiatives, the Corporation committed to a workforce reduction expected to reduce its workforce by approximately 4 percent. Affected employees were informed of the workforce reduction beginning on October 6, 2023. The Corporation expects to incur one-time, pre-tax charges and costs associated with these actions of approximately $150 million, primarily related to cash severance, benefits and related termination costs.
  evidence_url: https://www.sec.gov/Archives/edgar/data/713676/000071367623000069/0000713676-23-000069-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.