PNC's CEO on Potential Deals: 'Could Destroy Massive Value'
Dow Jones10-15
PNC Financial Services Group's chief executive warned that the bank would avoid a big acquisition if it would slow down the company's growth and AI transformation. CEO Bill Demchak told analysts the bank's organic growth has been better than management expected, and it has been investing more in artificial intelligence.
"I'm hesitant to slow that down, which would perhaps necessarily be the case where we did do an acquisition of any size," Demchak said. "I think you could destroy massive value." But, he added: "There's always small things... You can never say never."
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