PNC Bank Corp. named Thomas K. Whitford head of private banking, succeeding Joseph P. Guyaux, who was put in charge of community banking within the consumer banking line.
In his new post, Mr. Whitford oversees trust, mortgages, and investments for the Pittsburgh-based bank. Focusing on clients with at least $250,000 of investable assets, PNC's private bank manages $45 billion of assets and oversees the brokerage arm, which administers more than $7 billion.
Previously, Mr. Whitford, a senior vice president, directed strategic planning and information. Mr. Guyaux, also a senior vice president, had run private banking since January 1995. He is now deputy head of consumer banking.
"Joe and I will spend a lot of time making sure our strategies are in sync," Mr. Whitford said.
He reports to the bank's president, James E. Rohr. Mr. Guyaux reports to executive vice president Frederick J. Gronbacher, manager of consumer banking, which had revenues of $2.2 billion last year.
"It's a prominent promotion for (Mr. Guyaux) because the consumer banking group is by far and away the largest line of business," a PNC spokesman said.
The changeover bodes well for an already strong private bank, observers said.
"It suggests a lovely opportunity exists for better coordination and a stronger flow of referrals from retail to private banking," said Michael P. Kostoff, managing director of Advisory Board, a private banking research firm in Washington.
In the strategic planning post, Mr. Whitford gathered customer data on private banking, corporate banking, and real estate lending to inform marketing plans.
Previously, he was head of personal trust for Philadelphia and director of PNC Asset Management. That group has $115 billion of discretionary assets under management and is chaired by Richard C. Caldwell.
Mr. Whitford said he would further Mr. Guyaux's strategies, including using a team approach to advising private clients. He said he will increase managed assets more than 20% per year by fostering business in PNC's strongest markets: Pennsylvania, New Jersey, and Delaware.
To support that goal, growth is expected from satellite offices in Boston; Greenwich, Conn.; and new ones in undisclosed affluent communities.
"Greenwich is one of the key examples of how we think we have a successful formula to find target markets and put in a team of professionals without having a branch operation," he said.