PNC Bank 2003 Annual Report Download

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Every day is an
opportunity
2003 Summary
Annual Report

Table of contents

  • Page 1
    Every day is an opportunity 2003 Summary Annual Report

  • Page 2
    mo to do to do

  • Page 3
    ore

  • Page 4
    ... value for our shareholders, and positioned PNC to generate sustainable growth. • Our industry-leading technology capabilities fueled revenues and created efficiencies. In 2003, our team earned the highest ranking in financial services and was 19th overall in Information Week's annual list of 500...

  • Page 5
    lders James E. Rohr Chairman and Chief Executive Officer

  • Page 6
    ... growth opportunities for all of our banking businesses. In addition, to further our growth in New Jersey, we also plan to open offices in 40 Stop & Shop supermarket locations. When combined with the new United National branches, our branch presence in that demographically attractive state should...

  • Page 7
    ... In Wholesale Banking, we are committed to anticipating client needs and creating customized technologybased solutions. This strategy earned • Bill Parsley, who formerly headed the global derivative businesses at J.P. Morgan Chase, joined us as treasurer and chief investment officer. He will help...

  • Page 8
    ... our 23,000 employees. We reward individual and team success, and we provide one of the industry's best benefits plans. Through providing flexible work arrangements, two backup child care centers and other worklife programs, we once again earned 6 James E. Rohr Chairman and Chief Executive Officer

  • Page 9
    ..., grow and retain profitable customer relationships to be successful. Our banking businesses are positioned to do just that. In addition to our outstanding traditional products and services, Regional Community Banking has developed alternative channels, such as Workplace Banking, University Banking...

  • Page 10
    ... employee referral program. These channels make it easier for prospective customers to choose PNC and, combined, have attracted 26% of our new checking customer relationships. In Wholesale Banking, we are intensely focused on growth. We have had great success in winning customers across our business...

  • Page 11
    ... employees. The more employees feel capable of meeting customer needs, the better PNC is positioned to achieve the growth we seek. To support this objective, we have invested a significant amount of time and effort on sales, product and leadership training. This helps members of our team grow...

  • Page 12
    ... our employees to excel, and recognize and reward both individual and team success. m our communities In 2003, we supported our communities in myriad ways: We launched PNC Grow Up Great, a 10-year, $100 million program to help 2.8 million children in the regions we serve become better prepared...

  • Page 13
    more to do Every day is an opportunity

  • Page 14
    ... service. It provides customers with an exceptional experience, including more access and a broader array of products. And, of course, it grows. That's the strategy our Regional Community Banking business has executed with success in recent years. We start by developing a team that's well trained...

  • Page 15
    ...service I need from my bank. With multiple projects in process for the Boys & Girls Clubs, I rely on PNC to help me achieve my financial goals - both business and personal. I stay focused on the children." Dr. Lawra J. Baumann President The Boys & Girls Clubs of Greater Cincinnati Regional Community...

  • Page 16
    more insight...

  • Page 17
    "The people at PNC Advisors listen. Intently. They understand our goals and are developing a long-term financial plan that will benefit future generations of our family." Charles Mapes with his granddaughter, Sidney PNC Advisors client Princeton, N.J.

  • Page 18
    ...services needs of government entities, middle market and large corporations are as diverse as their businesses. Through Wholesale Banking, PNC has established a leadership position in providing value-added solutions for companies in the regions we serve. Our experienced team of relationship managers...

  • Page 19
    ... financial planning, PNC Advisors' wealth planners, now available in every market, work closely with a team of investment, trust, and banking experts to develop comprehensive solutions for our clients. PNC Advisors delivers its capabilities through an extensive network of 115 offices in 20 states...

  • Page 20
    more

  • Page 21
    "We extol leadership in our customers and their businesses, while promoting a culture of leadership within PNC. To meet those ends, PNC continually develops product sets that differentiate us from our peers." John Brigance Searles Director PNC Bank, Wholesale Banking Pittsburgh leadership...

  • Page 22
    ... billion at year-end. Net new business exceeded $22 billion in a wide variety of investment products. In addition, BlackRock Solutions® added 14 new risk management and 20 PFPC PFPC is a pioneer and leader in the global funds servicing industry. With a more than 30-year track record of innovative...

  • Page 23
    ...: PFPC is the number one global fund subaccounting provider; we service 529 (college savings) plans in 10 states; and we service more than $17 billion on our new managed account platform. PFPC also increased net assets serviced offshore by more than 50 percent in 2003, continuing its international...

  • Page 24
    ... to create a winning organization? our tuition reimbursement and leadership training programs. At work, employees use the skills they learn to improve customer service, enhance productivity, and grow PNC - no matter their position. In fact, over 80% of nonsales employees have referred new business...

  • Page 25
    ... an opportunity to make a difference for our company, for the communities we serve, and for themselves. "PNC provides me with the tools and resources to meet my customers' needs - and the support and training to help me develop personally and professionally." Pedro Rivera PNC Advisors Philadelphia...

  • Page 26
    ... support school readiness. Why has PNC taken this step? We don't want children to simply grow up. We want them to grow up great. low-interest small business loan in Louisville. Employees volunteering at the PNC-sponsored National Urban League conference in Pittsburgh. Helping prepare young children...

  • Page 27
    nities

  • Page 28
    ... The PNC Financial Services Group, Inc. J. Gary Cooper (1, 2) Chairman and Chief Executive Officer Commonwealth National Bank (community banking) Paul W. Chellgren (3, 4, 7, 8) Retired Chairman and Chief Executive Officer Ashland Inc. (energy company); Adjunct Professor Northern Kentucky University...

  • Page 29
    ...Executive Officer Regional Community Banking Vance Williams LaVelle Chief Marketing Officer (from left) Laurence D. Fink Chairman and Chief Executive Officer BlackRock Joan L. Gulley Chief Executive Officer PNC Advisors Helen P. Pudlin General Counsel William E. Rosner Chief Human Resources Officer...

  • Page 30
    Consolidated Financial Highlights The PNC Financial Services Group, Inc. Year ended December 31 Dollars in millions, except per share data 2003 2002 2001(a) 2000 1999 Summary of Operations Net interest income ...Provision for credit losses ...Noninterest income ...Noninterest expense ...Income...

  • Page 31
    ...of accounting change, net of tax ...Net income ...Business Earnings from Continuing Operations Banking businesses Regional Community Banking ...Wholesale Banking Corporate Banking ...PNC Real Estate Finance ...PNC Business Credit ...Total wholesale banking ...PNC Advisors ...Total banking businesses...

  • Page 32
    Condensed Consolidated Balance Sheet The PNC Financial Services Group, Inc. December 31 In millions, except par value 2003 2002 Assets Cash and due from banks ...Federal funds sold and other short-term investments ...Loans held for sale ...Securities ...Loans, net of unearned income of $1,009 and...

  • Page 33
    ..., including the risks and uncertainties generally related to the performance of PNC's and United National's business (with respect to United National, see United National's SEC reports, also accessible on the SEC's website) or due to factors related to the acquisition of United National and the...

  • Page 34
    ... Meeting All shareholders are invited to attend The PNC Financial Services Group, Inc. annual meeting on Tuesday, April 27, $2,210 $2,278 $2,182 2004, at 11 a.m., Eastern Daylight Time, at One PNC Plaza, 249 Fifth Avenue, Pittsburgh, Pennsylvania 15222. Common Stock Prices/Dividend Declared...

  • Page 35
    ... Offices PNC Bank, Central & Northern New Jersey Two Tower Center Boulevard East Brunswick, NJ 08816 Regional President: Thomas C. Gregor PNC Bank, Central Pennsylvania 4242 Carlisle Pike Camp Hill, PA 17011 Regional President: Dennis P. Brenckle PNC Bank, Delaware 222 Delaware Avenue Wilmington...

  • Page 36
    The PNC Financial Services Group, Inc. One PNC Plaza 249 Fifth Avenue Pittsburgh, PA 15222-2707