PNC Bank 2010 Annual Report Download - page 12
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Please find page 12 of the 2010 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.not-for-profit entities, and selectively to large corporations.
Lending products include secured and unsecured loans, letters
of credit and equipment leases. Treasury management services
include cash and investment management, receivables
management, disbursement services, funds transfer services,
information reporting, and global trade services. Capital
markets-related products and services include foreign
exchange, derivatives, loan syndications, mergers and
acquisitions advisory and related services to middle-market
companies, our multi-seller conduit, securities underwriting,
and securities sales and trading. Corporate & Institutional
Banking also provides commercial loan servicing, real estate
advisory and technology solutions for the commercial real
estate finance industry. Corporate & Institutional Banking
provides products and services generally within our primary
geographic markets, with certain products and services offered
nationally and internationally.
Corporate & Institutional Banking is focused on becoming a
premier provider of financial services in each of the markets it
serves. The value proposition to its customers is driven by
providing a broad range of competitive and high quality
products and services by a team fully committed to delivering
the comprehensive resources of PNC to help each client
succeed. Corporate & Institutional Banking’s primary goals
are to achieve market share growth and enhanced returns by
means of expansion and retention of customer relationships
and prudent risk and expense management.
Asset Management Group includes personal wealth
management for high net worth and ultra high net worth
clients and institutional asset management. Wealth
management products and services include financial planning,
customized investment management, private banking, tailored
credit solutions and trust management and administration for
individuals and their families. Institutional asset management
provides investment management, custody, and retirement
planning services. The institutional clients include
corporations, unions, municipalities, non-profits, foundations
and endowments located primarily in our geographic
footprint.
Asset Management Group is focused on being one of the
premier bank-held wealth and institutional asset managers in
each of the markets it serves. The business seeks to deliver
high quality advice and investment management to our high
net worth, ultra high net worth and institutional client sectors
through a broad array of products and services. Asset
Management Group’s primary goals are to service its clients,
grow its business and deliver solid financial performance with
prudent risk and expense management.
Residential Mortgage Banking directly originates primarily
first lien residential mortgage loans on a nationwide basis with
a significant presence within the retail banking footprint, and
also originates loans through majority and minority owned
affiliates. Mortgage loans represent loans collateralized by
one-to-four-family residential real estate. These loans are
typically underwritten to government agency and/or third
party standards, and sold, servicing retained, to secondary
mortgage market conduits Federal National Mortgage
Association (FNMA), Federal Home Loan Mortgage
Corporation (FHLMC), Federal Home Loan Banks and third-
party investors, or are securitized and issued under the
Government National Mortgage Association (GNMA)
program, as described in more detail in Note 3 Loan Sale and
Servicing Activities and Variable Interest Entities in Item 8 of
this Report and included here by reference. The mortgage
servicing operation performs all functions related to servicing
mortgage loans—primarily those in first lien position—for
various investors and for loans owned by PNC. Certain loans
originated through majority or minority owned affiliates are
sold to others.
Residential Mortgage Banking is focused on adding value to
the PNC franchise by building stronger customer
relationships, providing quality investment loans, and
delivering acceptable returns under a moderate risk profile.
Our national distribution capability provides volume that
drives economies of scale, risk dispersion, and cost-effective
extension of the retail banking footprint for cross-selling
opportunities.
BlackRock is the largest publicly traded investment
management firm in the world. BlackRock manages assets on
behalf of institutional and individual investors worldwide
through a variety of equity, fixed income, multi-asset class,
alternative and cash management separate accounts and funds,
including iShares®, the global product leader in exchange
traded funds. In addition, BlackRock provides market risk
management, financial markets advisory and enterprise
investment system services globally to a broad base of clients.
We hold an equity investment in BlackRock. Our investment
in BlackRock is a key component of our diversified revenue
strategy. The ability of BlackRock to grow assets under
management is the key driver of increases in its revenue,
earnings and, ultimately, shareholder value. BlackRock’s
strategies for growth in assets under management include a
focus on achieving client investment performance objectives
in a manner consistent with their risk preferences and
delivering excellent client service. The business dedicates
significant resources to attracting and retaining talented
professionals and to the ongoing enhancement of its
investment technology and operating capabilities to deliver on
this strategy.
Distressed Assets Portfolio includes commercial residential
development loans, cross-border leases, consumer brokered
home equity loans, retail mortgages, non-prime mortgages,
and residential construction loans. These loans require special
servicing and management oversight given current market
conditions. We obtained the majority of these loans through
acquisitions of other companies.
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