PNC Bank 2004 Annual Report Download - page 7

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For us to act as a unified company on behalf of our customers, we must
change, and we have, as this report comes to you, begun the process of
making PNC leaner and more responsive. I am leading an aggressive efficiency
initiative with goals of maximizing revenue opportunities and finding ways to
cut costs. We have asked people at all levels across the organization to take a
hard look at how they operate, and we will implement the ideas our teams
generate during the balance of this year.
Second, we will claim the advantage of our size. Our industry has experienced
steady consolidation for many years, and with recent mergers we have seen
the advent of the trillion-dollar bank. In consolidation lies opportunity –
we compete against fewer banks for our core middle-market customers, for
example – and in our size lies possibility unavailable to the mega-banks.
We are big enough, we have enough resources, to compete for the business
we choose to pursue, but we are also small enough to be nimble and quick
to respond to our customers’ needs. A more efficient PNC will be a formidable
competitor against firms large and small.
Third, we will continue to manage our balance sheet with a focus on creating
long-term value. We have developed a highly sophisticated set of tools –
including an index against which we can measure our performance and daily
balance sheet valuation reporting – that allows us to make fast, well informed,
risk-appropriate investment decisions.
Fourth, we will understand our customers and prospects better. We have
developed a very robust database of information that delivers knowledge about
our customers to the fingertips of our employees sitting alongside those
customers. In 2005, we will further this competency by completing a rigorous
program aimed at identifying our market opportunities across products and
regions.
Finally, we will continue to innovate and invest. Over the past several years,
we have generated myriad new products, including the highly successful
BlackRock Solutions®and Treasury Management’s A/R Advantage, and we will
push our people to create further innovations in the years ahead. We will also
continue to invest in the profitable expansion of our existing businesses, and
we will continue to seek acquisitions in high-growth markets.
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LOANS
$ billions
At quarter end