PNC Financial worked to expand to new markets and grow its digital platforms in the first quarter. 

The bank listed three long-term efforts in its 2023 annual report: 

• Expand the bank’s franchise and digital channels; 
• Leverage technology to create efficiencies that help better serve customers; and 
• Deepen customer relationships by offering superior banking experiences and financial solutions.  

“We’re continuing to invest heavily in our franchise to drive growth and gain share, particularly in our retail banking technology platform or payments businesses and our expansion markets,” Chief Executive Bill Demchak said during today’s Q1 earnings call. 

In fact, during the quarter the bank announced a multiyear investment of nearly $1 billion in its branch network to renovate 1,200 locations and open new branches, Demchak said. New locations will open in Austin, Dallas, Denver, Houston, Miami and San Antonio, he said.  

The bank’s total branch count in Q1was down 179 to 2,271, according to the bank’s earnings supplement.  

Technology spend clocked in at $10.2 billion, down from $11.3 billion during the same period in 2023, according to the bank’s earnings supplement.  

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