PITTSBURGH — Lessons learned from the turbulence of the pandemic helped business clients weather the abrupt impact of tariffs last year that put the stock market on a rollercoaster ride, as well as the present upheavals to the economy triggered by the conflict in Iran, a top executive at PNC said Tuesday at a major banking industry event.
In turn, by patiently sticking with its own game plan, PNC is capitalizing on opportunities, particularly in areas of commercial real estate that are showing signs of rebounding.
“Overall, clients have weathered the volatility well,” Michael Thomas, executive vice president and head of corporate and institutional banking, said. “They’ve built resiliency into the business, which has helped them to grow over the past year.”
The heavy tariffs levied by the U.S. last April had businesses keeping more capital on hand to fund inventory.
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