David Chiaverini

Mike said netting is not fully baked in and activity keeps growing; Scharf said the bank is not shrinking markets to hit a NIM number.

Mike said full-year loan growth will beat the original guide and demand remains good across businesses, with next year's assumptions due with guidance.

Mike stressed the layered risks in data center construction and chip financing, a focus on lessees and guarantees, and hard limits set from the top down.

Mike explained the rapid financing growth was a post-asset-cap re-entry that will normalize, not a comfort-level ceiling.

Santomassimo attributed growth to simplified product lineup (Active Cash 2% card), branch productivity improvements, increased advertising, and stronger digital targeting.

Santomassimo expects continued strong debt capital markets activity; IPOs delayed by volatility but pipeline exists. Convertibles and ECM wallet active.

Gorman highlighted embedded banking as a sustained double-digit grower in payments, and a wealth business at $74B AUM with underlying wealth-management fees growing about 14%, anchored by the mass-affluent strategy.

Chris noted continued hiring across IB, wealth, and payments (targeted fee businesses grew 12% collectively). Hired middle market team in Atlanta and family office team in Kansas City in Q1. Tracking closely and pleased with trajectory.

Chris confirmed two NPL credits (utilities, multifamily) are idiosyncratic, not systemic. Watch areas: agriculture, transportation. Clark emphasized uptick was not private-credit related.

Clark noted ~$40M reserve build in 2025 driven by loan growth and C&I remix (higher reserve than super prime consumer). Potential for release if macro clarity improves. CRO Mohit Ramani identified watch areas: consumer discretionary ($5B portfolio), parts of healthcare, agriculture (small). Overall outlook sanguine.

Clark indicated commercial loan growth at GDP+ in four industry verticals, consumer slightly below GDP. Overall combined loan growth approximately GDP. Composition matters: C&I growing faster, consumer running off.

Clear answer: no asset cap, remediation people and technology already in the run rate, no client impact expected.

Walked through deposit growth, slowing pricing rotation, loan growth and fixed-rate asset repricing, noting markets NII could fall.

Alastair pointed David to Investor Day disclosure with a 5-year repricing runway across residential mortgage, auto loans, treasuries/MBS, and cash flow swaps/hedging. The tailwind extends across the full guidance horizon and beyond.

Alastair characterized revolver utilization as business-as-usual working capital, not defensive draws. Brian added that commercial clients have largely digested the tariff/immigration/tax-reform policy mix from 'Liberation Day' a year ago and continue to see solid demand, though Middle East resolution remains a watch item.

Answered with a clear no and reaffirmed the 10% to 10.5% CET1 target despite the improved stress result.

Coughlin defended sustainability with three years of track record and explained the operating-cash ecosystem underpinning the deposit book.

First asked about commercial loan spread dynamics given industry-wide growth. Follow-up on appetite to lean into NBFI/private credit as others pull back. Competitive dynamics focused.

First question on path to mid-50s efficiency ratio from 62%. Follow-up on AI spend and specific use cases. Forward-looking technology-focused questions.

Dimon said 17% is a through-the-cycle target and current conditions are unusually favorable, with every business performing exceptionally well.

Barnum said the wholesale reserve build reflects new activity, not downgrades, and the corporate credit outlook is stable though pressures are building.

Dimon declined to give specific numbers but Barnum described the structural protections: senior position, diversified portfolios, conservative advance rates, cash flow trapping mechanisms.

Dimon kept it simple, margin roughly stable with limited opportunity. Barnum noted low-beta deposits already priced quite low within the overall service bundle.

Demchak confirmed an operating target around 10% CET1, where PNC expects to be.

Demchak said 2026 rate sensitivity is very small given neutral positioning, with a healthy 2027 pickup from repricing.

Rob said no geographic concentration in deposit competition. Bill noted regional variations, Midwest seeing high promo CD offers, others focused on money market. Competition for deposits and clients is universal but stable.

Rob confirmed strong pipelines continuing into Q2. Spread widening only in leveraged lending (PNC does little) and private credit space. TCW partnership seeing 50bp spread gap on new cash flow lending production. CRE inflection point reached as expected.