PNC CEO Bill Demchak told Banking Dive that the bank is moving its focus from mergers and acquisitions to artificial intelligence, with plans to spend hundreds of millions to achieve savings in the billions. Demchak said this AI push will take priority for the next few years.
This signals a shift in how large US banks are allocating capital between traditional dealmaking and technology upgrades. For senior executives, the move suggests a change in competitive strategies and cost structures in banking. It may also affect the pace and scale of future M&A activity.
