Mark Wiedman Joins PNC As President

Rhea-AI Summary

PNC Financial Services Group (NYSE: PNC) has appointed Mark Wiedman as president of the and PNC Bank, effective immediately. Wiedman, who will report to Chairman and CEO William S. Demchak, joins PNC from BlackRock where he was senior managing director and member of the Global Executive Committee.

At BlackRock, Wiedman headed the Global Client Business managing $11 trillion in commercial relationships and previously led iShares and Index Investments, growing it from $500 billion to $1.7 trillion. He also led BlackRock's Financial Markets Advisory and assisted governments during the financial crisis.

The appointment comes as PNC executes its growth-focused strategy, having achieved positive operating leverage in 2024. The bank aims to scale operations by expanding its client base through diversified products and services, leveraging technology, and growing brand awareness.

Positive

• Appointment of experienced executive Mark Wiedman with proven track record of growing assets from $500B to $1.7T at BlackRock
• Achieved positive operating leverage in 2024
• Strategic focus on technology and growth initiatives

Negative

• None.

News Market Reaction

-2.00%

1 alert

-2.00% News Effect

On the day this news was published, PNC declined 2.00%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Finance Executive to Accelerate Growth and Extend Strong Leadership Team

PITTSBURGH, April 7, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced that its Board of Directors has unanimously appointed Mark Wiedman as president of the corporation and its wholly owned banking subsidiary, PNC Bank, National Association, effective immediately.

Wiedman will report to PNC Chairman and Chief Executive Officer William S. Demchak. PNC's primary operating lines of business and the Regional Presidents Office will report to Wiedman.

"I'm thrilled Mark has joined us in this role," said Demchak. "Banking today is nothing like your father's bank – not even close. 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. I have worked with Mark for 20 years, and we are fortunate that the timing was right for him to join our team." 

PNC is executing a clear, growth-focused strategy backed by strategic investments and disciplined execution. In 2024, the bank successfully strengthened customer relationships and achieved positive operating leverage. PNC has significant opportunity to scale the bank to capitalize on this momentum, growing its client base through diversified products and services, leveraging technology for best-in-class service and security, and growing brand awareness and consideration by doing what is right for our customers, communities, employees and shareholders.

Wiedman was previously senior managing director at BlackRock and a member of the Global Executive Committee. He played a key role in driving organic growth and business transformation, while leading strategic initiatives both within and beyond the firm.

Wiedman was most recently the head of the Global Client Business responsible for BlackRock's $11 trillion in commercial relationships, partnerships, and joint ventures across financial institutions and investors worldwide. Prior to that, he was global head of iShares and Index Investments and drove its growth from $500 billion to $1.7 trillion. Wiedman built his early career at BlackRock advising on capital markets and balance sheet issues, joining in 2004 to help start Financial Markets Advisory. He later led BlackRock's emergency assistance to governments and financial institutions during the financial crisis. Wiedman also led BlackRock's 2008 creation of Penny Mac and served on its board from 2008-2019. Before joining BlackRock, he was senior advisor to the Under Secretary for Domestic Finance at the U.S. Treasury. 

"PNC has earned one of the most exciting spots in U.S. finance, and I'm eager to join Bill and his team to help accelerate this company's incredible growth journey," said Wiedman. "The banking landscape is evolving fast. 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." 

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACTS

MEDIA:
Anne Pace 
(631) 338-3268 
anne.pace@pnc.com  

INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com 

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SOURCE The PNC Financial Services Group, Inc.

FAQ

What is Mark Wiedman's new role at PNC Financial Services?

Mark Wiedman has been appointed as president of PNC Financial Services Group and PNC Bank, National Association, reporting directly to CEO William S. Demchak.

What was Mark Wiedman's previous position before joining PNC?

He was senior managing director at BlackRock, heading the Global Client Business responsible for $11 trillion in commercial relationships, and was a member of the Global Executive Committee.

How did PNC perform in 2024 according to the announcement?

PNC successfully strengthened customer relationships and achieved positive operating leverage in 2024.

What are PNC's strategic growth plans following Wiedman's appointment?

PNC plans to scale operations by expanding its client base through diversified products and services, leveraging technology for improved service and security, and growing brand awareness.