PNC Bank 2009 Annual Report Download - page 89

C AUTIONARY S TATEMENT
R EGARDING F ORWARD -L OOKING
I NFORMATION
We make statements in this Report, and we may from time to
time make other statements, regarding our outlook or
expectations for earnings, revenues, expenses, capital levels,
liquidity levels, asset quality and/or other matters regarding or
affecting PNC that are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act.
Forward-looking statements are typically identified by words
such as “believe,” “plan,” “expect,” “anticipate,” “intend,”
“outlook,” “estimate,” “forecast,” “will,” “project” and other
similar words and expressions.
Forward-looking statements are subject to numerous
assumptions, risks and uncertainties, which change over time.
Forward-looking statements speak only as of the date they are
made. We do not assume any duty and do not undertake to
update our forward-looking statements. Actual results or
future events could differ, possibly materially, from those that
we anticipated in our forward-looking statements, and future
results could differ materially from our historical
performance.
Our forward-looking statements are subject to the following
principal risks and uncertainties. We provide greater detail
regarding some of these factors elsewhere in this Report,
including in the Risk Factors and Risk Management sections.
Our forward-looking statements may also be subject to other
risks and uncertainties, including those discussed elsewhere in
this Report or in our other filings with the SEC.
• Our businesses and financial results are affected by
business and economic conditions, both generally and
specifically in the principal markets in which we operate.
In particular, our businesses and financial results may be
impacted by:
– Changes in interest rates and valuations in the debt,
equity and other financial markets.
– Disruptions in the liquidity and other functioning of
financial markets, including such disruptions in the
markets for real estate and other assets commonly
securing financial products.
– Actions by the Federal Reserve and other
government agencies, including those that impact
money supply and market interest rates.
– Changes in our customers’, suppliers’ and other
counterparties’ performance in general and their
creditworthiness in particular.
– Changes in levels of unemployment.
– Changes in customer preferences and behavior,
whether as a result of changing business and
economic conditions, climate-related physical
changes or legislative and regulatory initiatives, or
other factors.
• A continuation of recent turbulence in significant
portions of the US and global financial markets,
particularly if it worsens, could impact our performance,
both directly by affecting our revenues and the value of
our assets and liabilities and indirectly by affecting our
counterparties and the economy generally.
• Our business and financial performance could be
impacted as the financial industry restructures in the
current environment, both by changes in the
creditworthiness and performance of our counterparties
and by changes in the competitive and regulatory
landscape.
• Given current economic and financial market conditions,
our forward-looking financial statements are subject to
the risk that these conditions will be substantially
different than we are currently expecting. These
statements are based on our current expectations that
interest rates will remain low in the first half of 2010 but
will move upward in the second half of the year and our
view that the modest economic recovery that began last
year will extend through 2010.
• Legal and regulatory developments could have an impact
on our ability to operate our businesses or our financial
condition or results of operations or our competitive
position or reputation. Reputational impacts, in turn,
could affect matters such as business generation and
retention, our ability to attract and retain management,
liquidity, and funding. These legal and regulatory
developments could include:
– Changes resulting from legislative and regulatory
responses to the current economic and financial
industry environment.
– Other legislative and regulatory reforms, including
broad-based restructuring of financial industry
regulation as well as changes to laws and regulations
involving tax, pension, bankruptcy, consumer
protection, and other aspects of the financial
institution industry.
– Increased litigation risk from recent regulatory and
other governmental developments.
– Unfavorable resolution of legal proceedings or other
claims and regulatory and other governmental
inquiries.
– The results of the regulatory examination and
supervision process, including our failure to satisfy
the requirements of agreements with governmental
agencies.
– Changes in accounting policies and principles.
– Changes resulting from legislative and regulatory
initiatives relating to climate change that have or may
have a negative impact on our customers’ demand for
or use of our products and services in general and
their creditworthiness in particular.
– Changes to regulations governing bank capital,
including as a result of the so-called “Basel 3”
initiatives.
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