Member access

4-Traders Homepage  >  Shares  >  Nyse  >  PNC Financial Services Group Inc    PNC   US6934751057

SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 

PNC Names Demchak President, Setting Potential Succession Path

04/24/2012 | 02:30pm US/Eastern
Recommend:
0

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; mia.lamar@dowjones.com

Stocks mentioned in the article : PNC Financial Services
Recommend :
0
React to this article
Latest news on PNC FINANCIAL SERVICES GRO
1d ago PNC FINANCIAL SERVICES : William S. Demchak Succeeds James E. Rohr as PNC Chairm..
1d ago PNC FINANCIAL SERVICES : Harris Williams & Co. : Advises Upstream Telecommunicat..
2d ago PNC FINANCIAL SERVICES : Fitch: PNC's 1Q'14 Earnings Solid Despite Revenue Chall..
4d ago PNC FINANCIAL SERVICES : CMU Awarded $375,000 Grant from PNC Foundation
6d ago PNC FINANCIAL SERVICES : The Mission Continues, PNC Bank to Host Community Servi..
6d ago Apache CEO, Vermont activist build alliance on climate issues
04/16 PNC FINANCIAL SERVICES : Bank Launches New iPad App
04/16 PNC FINANCIAL SERVICES : Harris Williams & Co. : Advises Profile Extrusion Compa..
04/16DJU.S. HOT STOCKS : Hot Stocks to Watch
04/16DJPNC FINANCIAL SERVICES : Earnings Rise on Lower Expenses
Advertisement
Chart
Duration : Period :
PNC Financial Services Gro Technical Analysis Chart | PNC | US6934751057 | 4-Traders
Income Statement Evolution
PNC Financial Services Gro : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF