PNC Financial Services Group Inc. (>> PNC Financial Services) named longtime executive William S. Demchak as president, putting him on track for a potential future in the lender's corner office.
Demchak, 49 years old, has been senior vice chairman since 2009 and has held supervisory responsibility for all of PNC's businesses since 2010. He first joined the bank, which is one of the largest lenders in commercial real estate, in 2002 as its chief financial officer.
Prior to coming to PNC, Demchak worked as head of J.P. Morgan Chase & Co.'s (JPM) structured-finance and credit-portfolio unit.
PNC Chief Executive James E. Rohr, 63 as of March, has served as the lender's CEO since 2000. Rohr, who is also chairman of PNC's board, first joined the company in 1972.
Like its fellow lenders, PNC has been able to steadily reduce its funds set aside to cover risky loans as credit conditions in the U.S. continue to strengthen.
The company's first-quarter profit fell 3.8% as results took a hit from costs tied to its $3.45 billion acquisition of Royal Bank of Canada's (RY, RY.T) U.S. retail-banking unit.
Shares were recently up 34 cents to $65.32.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207; [email protected]