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Bill Demchak, PNC's chief executive, gives a candid and detailed interview on a range of subjects, from the CFPBs crackdown on indirect auto lending (misguided, in his view) to the Fed's proposed Basel liquidity rule to housing finance reform.
April 10 -
Lois Kreitzer is a regular at shareholder meetings of the Pittsburgh bank. She and PNC CEO James Rohr made nice during the Q&A session at this year's meeting — and then she got in a couple jabs.
April 26 -
Several attendees of the Pittsburgh bank's annual meeting complained to CEO James Rohr that PNC does business with coal mining companies that engage in the controversial practice of mountaintop removal.
April 24
PNC Financial Services Group Inc., the second-biggest U.S. regional bank, elected William S. Demchak chairman today to replace James E. Rohr, who previously announced his retirement.
The election by the bank's board leaves Demchak, 51, as chairman, president and chief executive officer, Pittsburgh- based PNC said today in a statement. Demchak joined in 2002 as chief financial officer and was named CEO a year ago, succeeding Rohr, 65. The board's vote followed PNC's annual shareholders meeting in Tampa, Florida.
Demchak has cut expenses including jobs and branches to boost profit. First-quarter net income climbed 6.5 percent to $1.06 billion as costs declined and the company set aside fewer provisions for soured loans. PNC has gained almost 9 percent this year, making it the best performer in the 24-company KBW Bank Index, which is up less than 1 percent.
Demchak also serves on the board of BlackRock Inc., the world's largest asset manager. PNC is BlackRock's No. 1 shareholder with a 21 percent stake, according to data compiled by Bloomberg. Before he joined PNC, Demchak was the global head of structured finance and credit portfolio at JPMorgan Chase & Co., the biggest U.S. bank.
