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We can get big, too PNC Bank was formed in 1983 through what was then the largest bank merger in U.S. history. The two companies that combined in the merger, Pittsburgh National and Provident National, both trace their histories back to 19th-Century Pennsylvania. The bank's name has been bandied about in the guessing game of which major regional bank will be acquired next, company CEO Thomas O'Brien intends to keep it independent, and is on the prowl for acquisitions. With about $77 billion in assets at year-end 1998, PNC has the size to last as one of the main players in the financial services industry end game. In 1998, the company posted its second straight year of profits exceeding $1 billion. Diversification As the centerpiece of its growth strategy, PNC is looking to generate more of its revenue from fee-based (rather than interest-based) services such as money management, trust and mutual fund services. For example, the company has been building a mortgage servicing portfolio and is eyeing the insurance business. In 1998, the company purchased Hilliard Lyons, a Kentucky-based brokerage which should boost its public finance debt underwriting capabilities. The company hopes to increase the amount of business it derives from fee-based services to 60 or 70 percent by the first few years of the next century. Bye, bye businesses At the same time that it's been looking to grow by acquiring businesses, PNC is exploring strategic sales and spin-offs. In 1998, the company got out of the credit card business, only a couple years after a partnership with auto and travel industry association AAA led it to happily announce that it was ready to become a major player in plastic. However, PNC could not build its credit card business quickly enough, and as the industry consolidated, the bank folded its cards - first with the sale of $1 billion in receivables to Metris Co., and then with the sale of $2.9 billion in card loans to MBNA Corp. PNC sold its unit to MBNA at a 15 percent premium. PNC also sold its corporate trust and escrow business to Chase Manhattan in 1998. In 1999, the firm is expected to pursue the long-contemplated spin-off of its mutual fund arm, Blackrock.
PNC Bank accepts resumes by fax, e-mail, and regular mail. The bank stores resumes in its corporate database indefinitely and matches them with openings as they become available. PNC's employment web page, located at www.pncbank.com/whatsnew/employment.html, gives the company's recruiting schedule and offers applicants the opportunity to send resumes online. For some departments, the firm recruits on campuses on the East Coast and in Pittsburgh. The site also offers job descriptions with information on relevant qualifications. As for the interview itself, says one insider at the bank's headquarters, "they try to organize a day in which you can spend 15 to 30 minutes per person with six to 8 people." Says one insider: "Currently, the bank is undergoing many cost-cutting measures, so be cautiously optimistic, as positions are scarce."
What do you expect? It's a bank Insiders at PNC warn of a potentially bureaucratic and conservative culture. "I find PNC to be bureaucratic, old-fashioned, and slow to move," reports one insider. That contact elaborates with an anecdote: "When I was a new employee, I needed some information from someone in another department, so I went to his office, knocked on his door, and had a conversation with him. Later, my manager got made with me, because he said I should have called and set up an appointment first - just talking to people outside your immediate group is frowned upon." However, within groups, the culture can be tight-knit. Says one insider: "The people that I work with are like family to me. They should be, as I spend a heck of a lot of time with them." The company's conservative culture is reflected in its dress code, insiders report. "The dress code is like any other bank in the East - suits for guys, dress suits or dress slacks for women, Monday through Thursday," says one contact. Luckily, "Friday can be casual, depending on the situation." In a non-headquarter position, however, "certain departments are casual dress." Slightly lower pay, but much lower cost of living Although some insiders remark that the pay is "a little lower" than many other major banks, they also point out that the cost-of-living in Pittsburgh is "fantastically low" when compared to some larger cities. Says one insider at the bank's headquarters: "The benefits are good and the pay OK. As I live in Pittsburgh, the cost of living is low, so the bank actually ends up paying well." Good opportunities Not only will you live comfortably if you work for PNC, you will also have the opportunity to boost your skills and desirability as an employee. Insiders praise PNC's comprehensive training program, as well as the "fast-track opportunities" that the company offers for advancement and learning about the industry. Says one insider in PNC's capital markets (I-banking) arm: "We're big enough for opportunities to be diverse but not as large as some of the New York banks - yet - to get lost in." Unlike some banks, opportunities at PNC aren't limited to the old boys set. "It was encouraging that women were found in many roles at many different levels," reports one former employee. Says another: "The bank's policies toward women and minorities are quite good, with many women and minorities in highly visible and responsible positions" Decent perks Insiders appreciate perks such as free theater and sports tickets, incentive bonuses, and a "nice 401(k) plan." One contact appreciates that "they recently converted our pension plan to make it portable - so you can take it with you once vested and reinvest it." Another insider notes that "the serious benefits, like stock purchase discounts, start after you've been there one year."
William E. Rosner Human Resources
BankAmerica;Chase Manhattan;Citibank/Citigroup;First Union;Fleet Financial Group;Mellon Bank More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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