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The Wall Street giant did a lot of backtracking last year, abandoning its plans to become a bank for everyone. Now it's refocusing on growing its tried-and-true businesses of dealmaking and asset management.

The Pittsburgh-based regional bank reported a jump in soured commercial and consumer credits during the fourth quarter. Still, PNC executives said the company is appropriately reserved for a mild recession.

Two weeks after Ted Pick rose to CEO, the company slightly revised its long-term targets for efficiency, return on tangible common equity and other metrics. Yet, Pick says, "there's not a change in strategy" after the departure of his predecessor, James Gorman.