PNC Financial Services Group Inc Q2 2023 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : I guess the first question here, and I just want to emphasize this and I mean, this squares with your 10-Q disclosure, you mentioned a neutrally positioned balance sheet. So as we think about that exit run rate that it implied for your guidance on net interest income of about $3.25 billion for the fourth quarter of '23. Without taking into account balance sheet growth, it sounds like if we do get the rate cuts that the market is expecting that the -- you're going to be able to stay within that range of $3.2 billion, $3.25 billion, again, excluding any assumed growth?

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Got it. And -- thank you so much for all the disclosure on Slide 6. I'm wondering when do you think is the time to start thinking about adding and protecting from that downside risk with regards to maybe adding new received fixed swaps at obviously a higher floor than where they're coming off of? And what's the pricing like for those securities for those swaps rather? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 18, 2023 / 3:00PM, PNC.N - Q2 2023 PNC Financial Services Group Inc Earnings Call