The PNC Financial Services Group, Inc. (NYSE:PNC) announced today that it will temporarily suspend its common stock repurchase program through June 30, 2020. This action is being taken in conjunction with the Federal Reserve's effort to support the U.S. economy during the COVID-19 pandemic. This announcement does not impact PNC's dividend policy.
PNC recognizes that this unprecedented environment will unfortunately cause stress on our customers, communities, employees and shareholders. Importantly, PNC is well positioned with strong capital and liquidity and is committed to putting its resources to work in supporting these constituents and the broader financial system at a critical time of need.