There is no doubt that the late purchases of the PAs in...

There is no doubt that the late purchases of the PAs in particular has influenced the appearance of the P&L accounts and cashflow. Johns does make a brief mention of that within the Annual report indicating that liquidations included only a small proportion of the new arrangements. P9 of the annual report indicates just how transformational FY23 will be for PNC. Much of the foundational work has been carried out - it is now down to how well they can activate their planning and meet the targets. As he said the costs are highest during transformation and I would agree with that. As we both seem to agree the FY23 results will be telling - let us hope he has a few tailwinds to help him although they are not apparent in the current macro financial environment.