PNC Financial expands, diversifies executive leadership team
PNC Financial Services Group is diversifying its executive committee with the addition of two Black bankers, including one who will oversee the implementation of the Pittsburgh company's $1.05 billion commitment to address systemic racism in the United States.
The promotions of Richard Bynum and Carole Brown, which became effective Tuesday, mark the first time that the $412 billion-asset bank’s executive committee includes Black members.
Bynum, who joined PNC in 2005 and has been regional president of the Greater Washington market since 2017, will occupy the newly created post of chief corporate responsibility officer. He will lead community affairs and corporate social responsibility, community development banking and diversity and inclusion.
“In this new role," Bynum "will drive meaningful change that will allow us to even better serve our communities and strengthen PNC as a whole,” Chairman and CEO William Demchak said in a news release. “Though we are proud of the work PNC has done to date to drive economic empowerment and racial equality, we know we must do more at this pivotal moment and I am confident that Richard will be instrumental as we accelerate our progress.”
Brown, who had a 25-year career as a municipal finance investment banker, also previously served as chief financial officer for the city of Chicago under Mayor Rahm Emanuel. After joining PNC last year as chief change and risk officer for the asset management group and corporate and institutional banking, she is now in charge of PNC’s asset management group.
She will oversee PNC’s wealth management and private banking services for high-net-worth and ultra-high-net-worth clients, as well as custom investment and advisory solutions for institutional clients.
Brown "has distinguished herself as a results-oriented, collaborative leader who best represents PNC’s unwavering commitment to serving our clients,” Demchak said. “She is a proven leader with an incomparable skillset and a track record of achieving improved financial performance and [she] brings new and fresh perspectives to our company ... .”
The promotions come less than three weeks after PNC announced the $1.05 billion pledge, which is one of the largest financial commitments to help fight racism made by banks in the six weeks since George Floyd, a Black man, died while in police custody and unarmed in Minneapolis. Floyd’s death on May 25, along with the public killings of other Black Americans, sparked global protests and outrage over racial inequality, and set off conversations across corporate America about diversifying workforces and supporting social justice movements.
Last month, when PNC announced its pledge, Demchak said the bank is “committed to an intensified focus on the recruitment, retention and advancement of African American talent” as well as efforts “to create a more inclusive culture at PNC and a focus on internal systems to improve racial equality.”
PNC’s executive committee will expand to 12 members with the additions of Bynum and Brown.
Michael Lyons, who was leading the bank’s asset management group and helped recruit Brown to the bank, will continue to oversee corporate and institutional banking and remain on the executive committee.