PNC
#Well, yes, it's a little bit of a mix.
The majority of that is in our asset-based group, which is secured lending.
And many of those instances, although they weren't per se energy companies, they served energy companies; so by extension it was energy-related.
No, I don't think so.
I think we believe that, as I said in my opening remarks, we're appropriately reserved.
And we take all that into consideration.
Sure.
Specifically what we talked about is a longer-term project to basically streamline the fulfillment of many of our consumer lending products, make it easier for our customers, make it more digital.
And we opened ourselves up to our own criticism on the speed at which we do things today and the business we lose because of it.
In a prior question, somebody said: Have we seen a turn in the corner and will we grow consumer from here.
And I don't know that that's the case.
But we have seen and continue to see growth in credit card and in auto.
And importantly, inside of auto we've seen continued accelerated growth in direct auto through our Check Ready product which I guess ---+ I think it's in the first quarter of next year we'll actually have on mobile.
So I think this will accelerate through time, but it's not something that's going to make a dramatic difference in the first half of 2017.
It's just there and something we can execute on over the next couple years that we think long term will have a pretty material difference in our ability to change the growth trajectory of consumer lending.
And our overall mix of total loans.
Yes, yes.
Well, again, we're not going to get into 2017 guidance.
As I mentioned, we're in the middle of our budgeting process.
We have said before and we say again that our objective is positive operating leverage over a multiyear time period.
And thought about in terms of our strategic plan, we see a path to positive operating leverage outside of rates.
Independent of rates, and that was the theme that we went through in conference, was: How can we do it even without the help of rates.
And that comes on the back of some of these initiatives inside of consumer lending and the continued growth we've seen in fees, which we think we can keep doing.
And to your point, in terms of our year-to-date progress, we're not that far off.
Not really.
Our real estate business has been fairly consistent for a number of years, where we work with Class A developers and markets and products, and that continues.
Now, we have seen a slowdown in the origination of new projects and a pickup of balances related to permanent lending.
So think of the product that historically might have gone into CMBS; it is now being structured more like what we would call life insurance product: much lower leverage, better loan-to-value.
And you'll see that in our permanent lending line.
So we're not seeing stress.
In fact, our portfolio actually on a credit metric basis continues to improve.
We would tell you that we monitor it pretty closely.
We're clearly seeing some signs of weakness in multifamily in a couple of markets.
We see some signs of weakness down in Houston on the back of oil and gas.
But against our book we feel pretty good about it.
There was an earlier question in terms of the effect of some of the changes.
We think we're appropriately reserved.
In terms of our provision guidance, it's ---+ all of what we expect to happen in oil and gas is part of that.
And we've seen that for some time now.
Yes.
Very good.
Well thanks, everybody, for joining; and we'll see you in the fourth quarter.
Thank you.
