PNC Bank 2003 Annual Report Download - page 7

•Wholesale Banking grew net
income by nine percent and continued
to win targeted clients, with virtually all
segments exceeding their sales plans.
•PNC Advisors made significant
strides in improving client retention
while working to address the chal-
lenges created by a dynamic wealth
management environment.
•PFPC attracted and retained a
significantly higher number of clients
than in 2002 and increased accounting
and administration assets serviced
by 31 percent.
To build on this progress, we
have outlined a number of important
business initiatives that are discussed
throughout this report. However,
I would like to focus on three broad
growth drivers that impact all of
our businesses.
First, we are committed to
creating a customer experience that
differentiates PNC.
In Regional Community Banking,
for example, our industry-leading
technology has enabled us to build
one of the top call centers in the
country as well as a robust and easy-
to-use Web site. In fact, 43 percent
of our checking customers bank with
us online, one of the highest penetra-
tion rates in the industry.
At PNC Advisors, we have
improved the client experience by
enhancing our financial planning capa-
bilities in every market we serve. We
also added new products, such as man-
aged accounts, which provide clients
with more tailored investment options.
In Wholesale Banking, we are
committed to anticipating client needs
and creating customized technology-
based solutions. This strategy earned
our treasury management group
an impressive list of new clients,
including Dell, IBM and the Veterans
Administration. And PNC received the
highest grade for cash management
quality in the 2004 Phoenix Hecht
Cash Management Monitor survey
for large U.S. corporations.
Second, we are working more
closely together than ever before.
We have established more detailed
cross-business sales goals and devel-
oped teams to help achieve them.
We still have room for improve-
ment, but many signs are encouraging.
Last year, our corporate finance group
successfully referred almost 50% more
business to PNC Advisors than planned.
Third, we have made retaining
and attracting highly skilled and expe-
rienced employees a top priority.
In working to build a perform-
ance-driven culture, we provide
training and incentives that empower
each employee to grow PNC. In addi-
tion, we regularly measure employee
satisfaction, which improved in several
areas last year.
We also continue to attract
some of the best talent in the industry,
including the following recent addi-
tions to our team:
•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 us to further enhance
the way we manage our balance sheet
and investments.
•Former Under Secretary of the
U.S. Treasury Peter Fisher joined
BlackRock to help build its global invest-
ment and risk management business.
•Hugh Frater has come to PNC
from BlackRock, where he headed its
real estate group. Hugh will lead our
real estate activities, helping us build
on the national prominence we have
established in this industry.
We are committed to creating a customer
experience that differentiates PNC.
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