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PNC Names Demchak President

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PNC Bank executive William S. Demchak has moved a step closer to the corner office now occupied by Chief Executive James E. Rohr.

The Pittsburgh bank announced Tuesday that Demchak has been elected president of the bank and its holding company, the $296 billion-asset PNC Financial Services Group (PNC). He replaces Joseph C. Guyaux, a longtime PNC executive who in February was named senior vice chairman and chief risk officer.

Demchak, 49, has been a senior vice chairman since 2009 and has overseen all of PNC's business lines since 2010. He is widely believed to be Rohr's heir apparent and his promotion to president would seem to bolster his candidacy.

In news release, Rohr said that Demchak "set the standard for delivering the entire company to our customers. He brought record earnings to corporate and institutional banking" — a division he headed before becoming senior vice chairman — "and drove superior customer growth across the franchise. In his new role, I believe he will further enhance PNC's position as a national financial services leader."

Demchak joined PNC as chief financial officer in 2002 and took over the corporate banking group three years later. He also has managed PNC's asset and liability function.

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10 Key Insights About the Unbanked
They are spending a lot, just not with you.

Revenue is growing significantly and steadily for products targeting people outside the financial mainstream.

Though they use banks very little or not at all, these consumers do use financial products and services. It is a market segment that generated an estimated $107 billion in fee and interest revenue during 2014, up 4.6% from the prior year, according to estimates from the Center for Financial Services Innovation.

Two recent studies offered some key insights about these so-called "underbanked" and "unbanked" consumers. Here is a quick overview, with charts to illustrate.

(Image: Bloomberg News)

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