PNC Capital Markets Inc., the section 20 subsidiary of PNC Bank Corp. in Pittsburgh, has hired David J. Unger as managing director of its high- yield investment banking functions.

He will report to Tim Gigliotti, managing director in charge of high- yield capital markets. They will collaborate in hiring several high-yield bankers for PNC's capital markets team, the company said.

Mr. Unger came from Banc One Capital Markets. For four years he was a managing director in Chicago in its high-yield capital markets group. He has already relocated to Pittsburgh.

Before joining the subsidiary of what is now Bank One Corp. he worked in high-yield capital markets and credit research at Credit Suisse First Boston, and still earlier with Natwest Securities.

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