Latest news with #Wiedman
Yahoo
10-04-2025
- Business
- Yahoo
PNC taps new president, sees 'opportunity to scale'
PNC Financial Services Group has tapped former BlackRock executive Mark Wiedman to be its new president, tasked with helping the bank prepare for "significant opportunity to scale," even as tariffs rattle the financial world and the threat of a recession looms. The seventh-largest bank in the country is poised to take on even more consolidation — organically or inorganically — and plans to lean further into technology and products. PNC said Monday that Wiedman, who spent the last 20 years building and managing businesses at BlackRock, will help the Pittsburgh-based bank take advantage of chances to grow and improve. PNC "thrives in periods of distress and disruption," Wiedman told American Banker on Tuesday, noting that further economic disruption is "quite possible." He said the $560 billion-asset bank's management of its balance sheet and credit risk has put it in a position to take strategic risk when there are shifts in the industry. "Opportunity favors the prepared mind, so I think PNC is in a great position in the event of more market disruption," Wiedman said. "When things get a little messier, that's when PNC can actually move. So that is exciting for me, in terms of what I'm going to be coming here to do." The new president will report directly to CEO Bill Demchak, 62, and will oversee the bank's primary operating lines of business and the regional presidents. PNC has been expanding in recent years — acquiring BBVA USA in 2021 to grow market share in the South and Southeast, and said last year that it would spend some $1.5 billion on branch growth and renovation. The bank has also leaned into payments technology, and Demchak has repeatedly opined on the competitive advantages of scale. "Banking today is nothing like your father's bank — not even close," Demchak said in a prepared statement Monday. "Mark brings deep experience from a fast-moving, tech-forward, consolidating industry that aligns perfectly with where we are headed, and which is why Mark is the right fit for this role." Wiedman has worn a number of hats throughout his career, including serving at the Treasury Department, helping to found mortgage bank PennyMac Financial Services during the financial crisis while working at BlackRock and managing the iShares business at the firm from 2011 to 2019. But Wiedman said not to read into his appointment as a huge shift in strategy. He said PNC won't ditch its long-time commitment to being a "national Main Street bank." The bank's hiring of Wiedman, 54, also fills a gap left three months ago by the previous president, Michael Lyons, who split from the bank less than a year after being named to the role. Lyons' promotion last February had seemingly set him up as Demchak's successor, until January, when he joined Fiserv as CEO in a move Piper Sandler analyst Scott Siefers described at the time as "a loss for PNC." Siefers said in a Monday note that he sees the announcement of Wiedman joining PNC as a "positive." "It further seems, in our view, to set him up as the eventual successor to Mr. Demchak, which likely 'solves' what had been an uncharacteristic open question about succession at the company," Siefers said. Siefers added, though, that he expects Demchak will stay on for a few more years in his current role. Wiedman affirmed that Demchak wasn't going anywhere soon in a Tuesday email to American Banker, writing, "Bill has more he wants to do and I have more to learn." The road to Wiedman becoming PNC president started in London. Wiedman was walking down Dean Street in Soho a few months ago when he got an unexpected call from Demchak. The two had worked together in various capacities for two decades but weren't collaborating on anything at the time. Wiedman had announced just days prior that he was leaving the biggest investment firm in the country, where he had been viewed as a possible successor to CEO Larry Fink. In a LinkedIn post explaining his departure, Wiedman said he wanted to "return to [his] entrepreneurial roots." "I'll be taking the time, at least through the summer, to sort out what that next thing is," he wrote in the post. "Probably in finance, probably global, definitely entrepreneurial, and I can only hope as much fun as the past 20 years." But when Demchak asked during that phone call if PNC could be an option, Wiedman said yes. "I think the industry is going to look very different in five to 10 years, and I think PNC is in a position to win in that change," Wiedman said. "That's what I told him that day, and everything I've learned since then has confirmed that." Demchak had served on BlackRock's board until 2020, when the bank sold its 22% stake in the asset manager, so the two had gotten to know each other through those years. Wiedman also knew he could work well with Demchak, a known steady hand in the industry who's grown PNC into a national franchise. The industry veterans first met 20 years ago when Demchak, then-chief financial officer at the bank, hired Wiedman, who was part of BlackRock's capital markets and balance sheet advisory business for banks, to help assess the returns of the PNC's investment portfolio. That project marked Wiedman's first trip to Pittsburgh. On Tuesday, he said he had just signed a contract for a house in the Steel City. Wiedman will be paid an annual base salary of $700,000, plus a $1 million signing bonus and relocation benefits. He will also receive a one-time award of $3.1 million in equity to vest over three years, along with performance-related stocks of up to $2 million to vest in 2028, subject to continued employment and satisfaction of certain performance metrics. Wiedman is also eligible to participate in the incentive award plan. For 2025, his prorated target is $7.4 million, composed of cash and equity. Sign in to access your portfolio
Yahoo
09-04-2025
- Business
- Yahoo
PNC picks BlackRock vet as next president
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. PNC has named Mark Wiedman its next president, the Pittsburgh-based bank said Monday. Wiedman joins the bank from asset manager BlackRock, where he was a senior managing director and a member of the firm's global executive committee. PNC's primary business lines and the regional presidents office will report to Wiedman, who will report to CEO Bill Demchak. 'Mark brings deep experience from a fast-moving, tech-forward, consolidating industry that aligns perfectly with where we are headed, and which is why Mark is the right fit for this role,' Demchak said in the release. Wiedman, 54, replaces Michael Lyons, PNC's previous president, who left in January to become the next CEO of payments firm Fiserv. Wiedman spent two decades at BlackRock, most recently as the head of the firm's global client business, where he was responsible for BlackRock's $11 trillion in commercial relationships, partnerships and joint ventures across financial institutions and investors globally, PNC said. Before taking on that role, Wiedman was global head of BlackRock's exchange-traded funds business iShares and index investments. Wiedman also advised on capital markets and balance sheet issues at BlackRock, and helped start its financial markets advisory when he joined in 2004, PNC said. Additionally, Wiedman led BlackRock's emergency assistance to governments and banks during the 2007-08 financial crisis and the firm's 2008 creation of Penny Mac. Prior to his time at BlackRock, Wiedman was a senior adviser to the undersecretary of the Treasury for domestic finance, PNC said. Until his departure from BlackRock this year, Wiedman was seen as a potential successor to the asset manager's CEO, Larry Fink. As president, Wiedman will receive a $700,000 annual salary and a signing bonus of $1 million paid within his first month of employment, according to a Securities and Exchange Commission filing. He is also set to receive a one-time award consisting of restricted share units with a grant date value of $3.12 million and performance share units with a grant date value of $2.08 million. Wiedman's target total annual incentive opportunity for 2025 is $9.8 million on a full-year basis – $7.35 million on a prorated basis – made up of annual cash incentives and long-term equity incentives. Demchak said he's worked with Wiedman for 20 years 'and we are fortunate that the timing was right for him to join our team.' The CEO pointed to major changes in banking, indicating Wiedman would help the super-regional stay competitive in the rapidly changing industry. 'The banking landscape is evolving fast,' Wiedman said in the release. 'The winners will understand where customers and technology are heading and move there faster than the rest. Together with the team we will develop an even stronger franchise and culture – ensuring PNC is the best bank to do business with and the best place to build a career.' Wiedman's hiring seems to set him up as the eventual successor to 62-year-old Demchak, 'which likely 'solves' what had been an uncharacteristic open question about succession at the company,' Piper Sandler analyst Scott Siefers wrote in a Monday note. 'We thus view the announcement as a positive (though we still expect Mr. Demchak to stay on for a few more years in his current role).' Scale matters, Demchak has said, and PNC is spending $1.5 billion to grow organically over the next few years, expanding its branch network and renovating some locations as it shifts from regional to national lender. But the bank is also in a position to be a natural consolidator, he said Monday. Acquisitions can help the bank more quickly achieve scale, but PNC isn't looking to pay 'a silly price' for a 'busted' franchise, Demchak said last September. He indicated Monday that the current market selloff may change the math on M&A, Bloomberg reported. Recommended Reading Latino-first neobank Comun raises $4.5M in seed funding
Zawya
08-04-2025
- Business
- Zawya
PNC Financial names former BlackRock executive as president
PNC Financial Services Group on Monday appointed former BlackRock executive Mark Wiedman as president, effective immediately. Wiedman will also assume presidency of the Pittsburgh-based company's wholly owned banking subsidiary, PNC Bank, PNC Financial said. Wiedman will report to Chief Executive William Demchak. Michael Lyons, the group's previous president, left in January to become president and CEO-elect of payments firm Fiserv. Touted to be a potential successor to BlackRock's CEO Larry Fink, Wiedman was the head of global client business at the asset manager. He also held several key positions at the firm since he joined in 2004 from Morgan Stanley. (Reporting by Janaki Venugopalan in Bengaluru; Editing by Maju Samuel)
Yahoo
07-04-2025
- Business
- Yahoo
PNC Financial names former BlackRock executive as president
(Reuters) - PNC Financial Services Group on Monday appointed former BlackRock executive Mark Wiedman as president, effective immediately. Wiedman will also assume presidency of the Pittsburgh-based company's wholly owned banking subsidiary, PNC Bank, PNC Financial said. Wiedman will report to Chief Executive William Demchak. Michael Lyons, the group's previous president, left in January to become president and CEO-elect of payments firm Fiserv. Touted to be a potential successor to BlackRock's CEO Larry Fink, Wiedman was the head of global client business at the asset manager. He also held several key positions at the firm since he joined in 2004 from Morgan Stanley. Sign in to access your portfolio
Reuters
07-04-2025
- Business
- Reuters
PNC Financial names former BlackRock executive as president
April 7 (Reuters) - PNC Financial Services Group (PNC.N), opens new tab on Monday appointed former BlackRock (BLK.N), opens new tab executive Mark Wiedman as president, effective immediately. Wiedman will also assume presidency of the Pittsburgh-based company's wholly owned banking subsidiary, PNC Bank, PNC Financial said. Wiedman will report to Chief Executive William Demchak. Michael Lyons, the group's previous president, left in January to become president and CEO-elect of payments firm Fiserv (FI.N), opens new tab. Touted to be a potential successor to BlackRock's CEO Larry Fink, Wiedman was the head of global client business at the asset manager. He also held several key positions at the firm since he joined in 2004 from Morgan Stanley (MS.N), opens new tab.
