Scott Siefers

Rob noted 10% RWA reduction under both methodologies. AOCI blended in over 5 years eliminates close to a full point of capital impact. Bill added rating agencies should logically follow RWA reduction in their own methodologies. Still in proposal/comment stage.

Rob explained Q1 exceeded expectations and will pull through to Q2 averages. Q2 spot flattish due to known paydowns. H2 growth expected but at lower pace due to reduced visibility. Bill emphasized PNC never forecasts big loan numbers, any upside would be accretive.

Rob confirmed FY2026 NII up 14% total, PNC standalone 7-8% (comfortably above $1B growth). FirstBank accounts for the remainder including purchase accounting benefits.

Rob confirmed rate paid declining in Q1 from December cut flow-through, with further declines on expected July and September cuts. Bill emphasized NII outcome is largely indifferent to timing of rate cuts.

Rob explained expense increase from 1% to 1.5% full-year is driven by fee outperformance (now pushing 6% vs 4.5% expected in July). Higher variable comp tied to higher business activity, good expenses.

Rob explained NIM decline was entirely due to outsized commercial IB deposit growth ($9B) repricing the weighted average. NIM would have expanded 4-5bp without the mix change. Deposits at SOFR minus placed at Fed at SOFR plus, riskless profit. NIM trajectory to 3%+ in 2026 unchanged.

Rob noted charge-offs have beaten expectations YTD. Lowered guide to $275-300M from $300M. Pipeline of CRE office charge-offs fully reserved but will flow through over next several quarters.

Rob confirmed 2.90% NIM target for year-end unchanged. Asset repricing continues as main driver.

Rob confirmed 2.78% NIM off to a strong start and still expects to approach 3% by year-end, suggesting ~2.90% range in Q4.

Rob explained Q2 NCO guidance of ~$300M reflects timing of CRE office deal resolutions, which were lower in Q1 but expected to revert to Q3/Q4 2024 levels.

Bill acknowledged growing clients and DDA but noted utilization keeps declining. Conservative on forecasting loan growth timing.

Rob confirmed approaching 3% NIM by end of 2025, while noting NIM is an outcome they don't officially guide on.

Anil Chadda identified deposit cost management as primary margin driver with 1.69% exit rate. About $9B in fixed asset repricing opportunities ahead. Expects middle market growth to benefit margin alongside investment-grade draws. Seasonal deposit inflows in Q2 will also help.

John Turner reported utilization up ~200bp across both corporate and middle market customers. Customer liquidity still up 7% YoY meaning customers continue building liquidity even while borrowing more. Expects continued activity based on constructive customer feedback.

David Turner detailed Q4 cumulative beta at 33% with 36% linked-quarter beta. Q1 has $3.5B and Q2 has $5B in CD maturities providing continued repricing opportunity. Guidance centered on mid-30s beta. Corporate, consumer, and wealth teams all reactive to market conditions.

David Turner explained Q4 weakness from postponed M&A due to government shutdown and seasonal syndication softness. Pipeline strong with closings expected in H1 2026. John Turner added they are hiring additional real estate capital markets bankers as a growth catalyst.

John Turner firmly reiterated no interest in depository M&A. Confident in organic strategic plan that has produced strong results over seven to eight years. Views M&A as disruptive and distracting from day-to-day execution.

John Turner explained the reductions are a combination of credit-related exits and return-driven portfolio shaping. Multifamily saw upgrades as projects stabilized. Leverage lending portfolio accounted for the $900M YTD exits predominantly.

David Turner said cumulative falling rate beta at 35%, expects to eventually reach 43%. Continued focus on growing checking accounts and operating accounts to sustain 30%+ noninterest-bearing mix.

David Turner detailed ~3bp of non-repeating items (hedge notional maturity $5-6M, credit recoveries $5M extra). Core margin drivers: front book back book of 140bp pickup and deposit cost control to persist.

David Turner explained savings from lower headcount and retirements, not from delaying growth investments. Priority market investments proceeding as planned.

John Turner explained customers need tariff clarity on products, countries and degree of impact. Over 60% of corporate banking customers visited in past six weeks. Capital markets needs lower rates to improve.

David Turner explained down beta expectations, high-cost CD maturities, promotional rates in growth markets, and steeper yield curve benefit. Direct and thorough.

Bryan noted fixed rate repricing now less impactful since 1/3 of balance sheet repriced with acquisition, contributing ~1-1.5bps/quarter. Expecting NIM approaching 340bps by year-end exit. Competitive but not irrational, loan spreads in slightly, normal deposit competition. Midwest most competitive deposit market, Southeast less so, still evaluating Southwest.

Tim affirmed synergies are durable and sustainable. At 19% ROTCE and 53% efficiency, marginal decision is between boosting profitability/TBV multiple vs growing tangible book value per share, expects to do both. Noted company now covers half of U.S. population in footprint with 17 of 20 fastest-growing large metros, freshest branch network among large banks.

Bryan explained C&I floating rate exposure goes from ~two-thirds to ~80% with merger. Will use swaps/hedges to manage down to slightly asset sensitive. The 60/40 loan and deposit mix targets will take a multiyear journey. Tim added expectation to grow Texas households at north of 10% annualized, comparable to Southeast growth rates.

Tim confirmed transition schedule progressing as planned, Fifth Third as admin agent for new enrollees in Q1, conversion starting end of Q2. Comerica merger eliminates need to buy bins or issue new cards, simplifying transition for 3.4 million program participants.

Tim explained no resource overlap: Southeast regional leaders not disrupted by Comerica, 85% of locations already found, construction teams free up as Southeast build completes. Modular branch model means consistent site selection, format, and zoning experience. Texas zoning rules easier than Southeast or Midwest. Referenced successful juggling of de novos during MB Financial conversion in 2019.

Bryan cited strong DDA growth as key outperformance driver. Expects 2-3bps NIM improvement per quarter, targeting ~3.15% by year-end. Competitive dynamics remain rational.

Bryan cited variable compensation as natural offset, continued investment in branches and customer acquisition, with incremental savings from vendor discipline.

Tim shared anecdote of client pausing acquisition due to binary outcome risk. Hedging conversations up but execution requires commodity price stability.

Tim provided comprehensive breakdown of loan demand by segment, auto strong, C&I broad-based with record pipelines, and fintech platforms growing.

Bryan confirmed the bank is neutrally positioned on rates with flexibility to toggle asset or liability sensitive depending on environment.

Maguire said $4B to $5B increase not driven by Basel III, which instead supports durability of elevated buybacks into 2028 and beyond. Increase reflects follow-through on capital management trajectory toward 10% CET1 in 2027.

Maguire said liability-sensitive positioning drove NII pressure from removing two cuts. Also seeing more yield-seeking and rate awareness across businesses. Good news: fee momentum and lower tax rate allow bottom line to remain in line with January expectations.

Maguire said moving parts, faster/slower loan growth, earnings variability, economic backdrop, but in stable environment, trending to 10% CET1 over next 8 quarters. Math gets to about $1B/quarter, perhaps a touch higher.

Rogers said all cylinders hitting, DCM, leveraged finance, M&A, derivatives, FX. Strong pipeline from both IB and middle market/commercial base. Low double-digit compound growth expected to continue. Full capability with long-term high growth potential.

Milsaps noted beta at 38% vs hoped 40%, good start in Q4, mid-40% target intact with October cut more important than December. Rogers described leading indicators: net new clients, premier production up ~30%, treasury management pipelines up double digits, 60% of new wholesale clients awarded payments product.

Rogers emphatically confirmed organic focus, never been more competitive, great teammates, product and capability in place. 'I am all Truist all the time.'

Maguire framed $750M as opportunistic; $500M + dividend = ~100% payout is appropriately elevated. CCAR consistent with expectations, ~10% CET1 target maintained.

Rogers reported strong consumer and wholesale conditions with new-to-Truist client wins, some remaining uncertainty but tax bill and other developments clearing overhang.

Rogers cited consumer platform momentum (indirect auto, service finance, mortgage), C&I production uptick with 50% increase in syndicated deals, and M&A dialogue as potential accelerant.

Maguire explained deposit betas catching up to mid-40s+ in Q1, fixed-rate asset repricing providing lift, and rate path sensitivity relatively neutral with manageable impact from fewer cuts.

John said operating leverage driven by revenue growth in 2026 with desire to invest savings into technology and marketing; fee revenue growth brings more expense naturally through compensation; significant flexibility.

John raised loan growth outlook to mid-single digits from 3-4%; large corporate food/beverage, energy, healthcare leading; utilization ~25%; Gunjan said demand shifting from AI/tariff trades to core middle market CapEx.

Gunjan said 90%+ of clients harmed by 10% rate cap; noted conversation shifting to helping consumers with existing products like Shield card (24 months 0% APR); CCCA not a meaningful planning focus.

John confirmed buybacks increasing from $100M to $200M this quarter with a gradual glide path toward the 75% payout target over time.

No further portfolio sales planned; focused on organic loan growth through account acquisition and deepening client relationships.

John confirmed 3bp of 6bp decline was transitory; expects sequential NII growth in Q3 and Q4; fixed asset repricing to accelerate in second half.

John cited real estate, operations consolidation, AI-driven productivity; Gunjan emphasized $5B+ digital investment over 5 years now being harvested.

John confirmed no change; mid-single-digit fee growth, NIM expansion from repricing, and expense levers for 200bp+ operating leverage.

Gunjan noted weather-related pullback stabilized by end of March; declining consumer sentiment not showing in spend patterns due to affluent customer mix.

John Stern provided thorough breakdown: mid-single-digit fee growth, NII driven by asset mix, deposit normalization, and fixed asset repricing at 150-200bp.

Santomassimo noted revolver utilization has not increased; growth is from NDFI, new clients, and other drivers. Probability weighted toward more growth as clients get comfortable.

Scharf said NDFI is fundamentally different from CRE risk, they are not reducing lending due to market attention, but remain disciplined on overall diversification.

Charlie acknowledged the affordability issue as real and aligned with finding solutions, but said it's too early to know ultimate policy outcome from administration or Congress. Hopes to engage constructively while avoiding adverse impacts.

Mike outlined three drivers: rate cuts as headwind, deposit and loan growth building through the year with better results toward year-end, and deposit pricing behaving as expected with high commercial betas and already-adjusted consumer rates.

Mike confirmed commercial deposit betas remain high as expected. Consumer deposit betas lower since rates went up less. No meaningful competitive pressure pushing pricing up. Expect gradual grind down through rest of year.

Charlie described highly consistent consumer performance: spend up same amount week after week, payment rates improving, deposits strong. No meaningful changes across affluence levels. Corporate clients cautious on tariffs but consistent. Broader-spectrum auto lending volumes are small but performing as expected.

Mike listed multiple drivers: continued deposit cost declines, some loan growth, securities portfolio repricing, and deposit growth in H2. Each individually modest but adds up to sequential growth each quarter.

Charlie discussed waiting for Fed transparency on CCAR and capital rules before setting capital targets. Confirmed 15% ROTCE is an interim target and future target will be higher. Will provide more clarity after planning cycle and year-end.

Mike walked through rate sensitivity, loan growth timing, deposit trends, and trading NII puts and takes with extensive detail on uncertainty.

Charlie described clients as trying to figure out the tariff situation with business not halting but people being cautious, still hoping for positive regulatory and trade outcomes.