Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent more of our lives thinking about banks than about almost any other kind of business, so let us describe PNC the way we would over a sandwich in Omaha. PNC is the fifth- or sixth-largest commercial bank in the United States, headquartered in Pittsburgh, with $616 billion in assets at June 30, 2026. It takes in deposits — $450 billion of them, of which $99 billion pay no interest at all — and lends the money out at a spread: $368 billion in loans, roughly 72% commercial (C&I and commercial real estate) and 28% consumer (mortgages, home equity, autos, cards). Around that spread engine sit three reportable segments: Retail Banking — a coast-to-coast branch network, ~$270 billion in average deposits, the raw material of the whole enterprise.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-07-21), FWP (2026-07-16), 8-K (2026-07-15).
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