PNC Bank 2010 Annual Report Download - page 6

Our mortgage business accomplished a great deal this year. We have enhanced technology and
realigned the sales and servicing aspects of this business so it better reflects our moderate risk
philosophy and our relationship-based business approach.
High unemployment throughout the year made it difficult for many Americans to remain current
on their mortgages. We responded by increasing our mortgage servicing staff and working to
modify mortgage loans of qualified borrowers both through the government’s Home Affordable
Modification Program and our own proprietary programs.
PNC is working to address foreclosure concerns that arose across
the industry in 2010. We have strengthened senior management in
Residential Mortgage, reviewed our procedures, opened a second
mortgage servicing facility and instituted new safeguards, including
expanded training and additional supervision.
We have also increased our production staff in Residential Mortgage.
In spite of the difficulties in this market, we have written many new
mortgages consistent with PNC’s traditionally moderate approach to risk management. Our
mortgage offices in 32 states last year originated more than $10.5 billion of new loans, including
a new jumbo mortgage product.
Serving the Needs of Large Businesses and Institutions One third of PNC’s revenue
in 2010 came from serving large business, government and not-for-profit clients through our
Corporate & Institutional Banking (C&IB) business. We have a broad array of products and
services and financing capabilities.
Corporate & Institutional Banking We had record client growth in 2010, adding more than
1,100 primary clients in commercial banking and corporate and asset-based lending last year.
This provides significant momentum going into 2011. If we can cross sell to these new clients at
the same rate as we do to our existing clients, we would see as much $300 million in additional
annual revenue in 2011 and beyond.
We are a top provider of investment banking solutions to the middle market. Based on
transactions closed in 2010, we ranked fourth in the following categories: middle-market client
bookrunner, real estate bookrunner and asset-based lending bookrunner. We are a leader in
middle-market loan syndications of $100 million or less, ranking second in 2010. Our Harris
Williams business is one of the nation’s largest merger and acquisition advisory firms focused
on the middle market.
In 2010, PNC spent more than
$50 million across 15 states and the
District of Columbia to encourage
home ownership and economic development
and to partner with community-based
organizations.