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PNC CEO says AI will reshape banking M&A landscape

Original: PNC CEO: # AI will change the M&A landscape For the next few years, Bill Demchak’s eyes are trained far away from merger

PNC Financial Services chief executive Bill Demchak says artificial intelligence will change the mergers and acquisitions landscape, and he is looking past deals for now. He says PNC is focused on AI growth plans costing "hundreds of millions to save billions", prioritizing technology investment over acquisitions in the coming years.

Why now: Banks are racing to invest in AI, and a major CEO signalling he will skip acquisitions for it draws attention.

PNC Financial ServicesBill Demchak

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Evidence

• PNC CEO: # AI will change the M&A landscape For the next few years, Bill Demchak’s eyes are trained far away from mergers and acquisitions, and strongly on PNC’s AI growth plans, which he said will cost “hundreds of millions to save billions.” https://www.… · AlexJimenez@mas.to

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