PNC Bank 2014 Annual Report Download - page 10

For more information regarding certain factors that could cause future results to differ, possibly materially, from historical performance
or from those anticipated in forward-looking statements, see the Cautionary Statement in Item 7 of our 2014 Annual Report on Form 10-K,
which accompanies this letter. For additional information regarding PNC’s Peer Group and on digital consumer customers and non-teller
deposit transactions, see Item 5 and the Retail Banking section of Item 7, respectively, of the accompanying 2014 Annual Report on
Form 10-K. And for additional information on PNC’s tangible book value and fee income, see the inside front cover that precedes this letter
and the Statistical Information (Unaudited) section included in Item 8 of the accompanying 2014 Annual Report on Form 10-K.
Great Expectations
Overall, we had a successful year in 2014. In spite of the challenges that persist, we are even
more excited about the opportunities in front of us and how we are positioned as we enter 2015.
We are a year further into the execution of our strategic priorities and continue to make
important progress. We enjoy a strong capital position. Our balance sheet is now compliant with
the liquidity coverage ratio requirements that went into effect in 2015. And we have a terrifi c
team of employees across the franchise committed to delivering a superior banking experience
for every customer and focused on creating long-term value for our shareholders.
I would like to thank our customers for continuing to trust PNC to help them achieve fi nancial
well-being. I also would like to thank our board of directors for their service to our company on
behalf of all of our shareholders, as well as for their ongoing counsel and support. In October,
we welcomed a new director, A&R Development Corp. President and Chief Operating Offi cer
Marjorie Rodgers Cheshire. And at this year’s annual meeting in April we will say goodbye to
three directors who are retiring. Richard Berndt; George Walls, Jr.; and Helge Wehmeier are
three extraordinary individuals whose leadership and vision helped to shape our strategic
direction and guide our execution throughout their years of service on our board.
Finally, I would like to thank you for your confi dence in our company and for your continued
support as we work to deliver for our shareholders, customers, employees and communities.
Sincerely,
William S. Demchak
Chairman, President and Chief Executive Offi cer