PNC Bank 2000 Annual Report Download - page 11

Download and view the complete annual report

Please find page 11 of the 2000 PNC Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

9
I would say that we’ll continue
to be opportunistic regarding
acquisitions… There are always
opportunities to buy for the sake
of sheer size, but we recognize
that those types of transactions
must be evaluated carefully
because they do not consistently
create value for sharehold-
ers… Our recent acquisitions
There’s no doubt that this is
a challenge throughout our
industry. But we’ve made
significant progress in imple-
menting strategies intended
to enable our traditional
banking businesses to deliver
more consistent, higher-quali-
ty earnings.
We’ve downsized our
reliance on lending activities,
WH AT HA S PNC D O N E T O CR E AT E VA L U E
I N I T S BA N K I N G BU S I N E S S E S ?
First, we recognize that being
a top-performing company
for our shareholders requires
that we be a top-performing
company for our customers.
That’s why we’re so focused
on becoming a best-of-class
provider in each of our
businesses… Some of our
businesses, clearly PFPC and
Treasury Management, have
already achieved that level of
leadership. And we believe
all of our businesses can
WH AT AR E YO U R AS P I R AT I O N S F O R P N C ?
Jim Rohr
President and
Chief Executive Officer
WH AT I S YO U R ST R AT E G Y RE G A R D I N G AC Q U I S I T I O N S?
have been driven business
by business… We’ve had
tremendous success with
acquisitions like BlackRock,
Midland, ISG and Hilliard
Lyons… And we’ve developed
a real talent for integrating a
diverse range of organizations
quickly and efficiently.
— Rohr
which are inherently more
volatile sources of earnings.
In fact, lending-related rev-
enue has decreased to 20%
of total revenue — that’s down
from 32% in 1998.
Just as important, we’ve
dramatically increased the
contributions of deposit
gathering and fee-generating
elements of our traditional
achieve that goal. In the end,
we aspire to be one of the
most highly-valued companies
in our industry. Our strategies
focus on improving the quality
of our earnings to position us
to deliver top-tier growth in
earnings, consistently over
time. We believe this is the
most direct path to the type of
premium valuation we’re
focused on attaining.
— Rohr
banking businesses. We
have a growing small business
banking group, and strong
capital markets and treasury
management businesses.
So overall, we’ve made
significant progress — on both
the community and corporate
banking sides — toward
increasing the value of our
banking franchise.
— Gregg