The Pittsburgh bank's commitment covers areas that include renewable energy, clean transportation and green buildings.

PNC’s recent acquisition of BBVA's U.S. operations won quick approval from regulators, but a recent presidential directive promises more scrutiny of such deals, according to CEO Bill Demchak.

Fears of widespread credit losses have largely subsided, but demand for new commercial real estate loans remains lackluster because many companies are sitting on so much cash they don’t need to borrow. Meanwhile, competition from private equity groups and other nonbank lenders is escalating.

Following the sale of its U.S. retail banking unit to PNC Financial Services Group, the Spanish bank is turning its focus in this country to wholesale banking.

Even though industry economists and Federal Reserve officials expect the recent price surge to wane, some big-bank executives are expressing concern about the risk of an inflationary spiral hindering the recovery from the pandemic recession.

More than 250 wholesale clients signed up with the Pittsburgh bank in the past year to use real-time payments for payroll, billing and supply chain management.

The investment, tied to PNC's deal to acquire BBVA USA, was always going to be large but seemed to grow as CEO Bill Demchak got intimately involved in the discussions and the needs of communities and businesses hit hard by the coronavirus pandemic became more apparent.

Large banks like Chase, PNC and U.S. Bank were seen as having more resources to devote to customer relief and upgrade digital channels that consumers came to rely on, according to a J.D. Power survey.

PNC Financial Services Group Chief Executive Bill Demchak said he wants to position the bank to perform in a sector in which smaller firms are disappearing amid a wave of consolidation.

The company will give retail account holders 24 hours to cancel upcoming payments that would put them in the red. The move addresses customers’ top gripe and will have benefits that offset the lost income, executives say.