PNC Bank 2002 Annual Report Download - page 6

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us increase retention in Regional
Community Banking was
recognized by technology
consultant Peppers and Rogers
as one of the ten best customer
relationship management pro-
grams in the country.
Technology alone does not
get the job done.
I’ve always believed that our
team of 24,000 employees is our
best advantage. They’ve demon-
strated an unwavering commit-
ment to this company, and each
day they live the values that
grace the cover of this report.
Our employees don’t simply dif-
ferentiate PNC — they define it.
Even with the challenging
environment, their sense of
teamwork and community spirit
stood out this year. Through a
program called the Chairman’s
Challenge, more than 80% of
non-sales employees in the
regions we serve referred new
business to our sales staff, which
closed on 57% of these leads.
Our employees also reached
their goal of contributing 1 mil-
lion volunteer hours to local
community groups. I can’t thank
them enough for their contribu-
tions. In addition, community-
related funding from The
PNC Foundation totaled more
than $12 million last year.
Our entire management
team recognizes the importance
of attracting and retaining
talented people and strengthen-
ing the fabric of our community.
That’s why I’m proud of the
diverse array of programs we’ve
implemented to accomplish
those goals.
In fact, in 2002 we were rec-
ognized by Money®magazine for
having one of the nation’s top 25
benefits plans, and we earned a
place in Business Ethics magazine’s
list of top 100 corporate citizens.
I’m also tremendously
indebted to our senior leadership
team and our board of directors.
They have put in countless hours
as we’ve worked to implement
PNC’s strategic vision. Their sup-
port, commitment, and contribu-
tions have been extraordinary.
I believe the company I’ve
described for you has the ability
to perform well for all of our con-
stituencies in 2003, although we
realize there are challenges ahead.
Many of these challenges are
shared by others across our indus-
try. Prospects for economic growth
remain uncertain, and we’re one
of a large number of companies
that will be adversely impacted by
additional costs to fund pensions
and expense stock options.
With that said, our strong
balance sheet, capital manage-
ment, and efficiency initiatives
should help our returns even if
the environment does not
improve. If the economy does
recover, our diverse business
mix and targeted marketing
campaigns should enable us to
post even better results.
Finally, I’d like to thank our
shareholders and customers for
your confidence in PNC. I
couldn’t be more excited about
our company. We have devel-
oped an unwavering commit-
ment to creating value for you,
and we look forward to earning
your continued faith.
Sincerely,
James E. Rohr
Chairman and
Chief Executive Officer
4