PNC Bank 2011 Annual Report Download - page 7

week. More than 750,000 customers now use Virtual Wallet and it represents 50 percent of our
new checking relationships.
We followed our Virtual Wallet success with the introduction of bolt-on products to serve distinct
customer segments, including students and those who prefer banking on their smart phone
device. And in 2011, we introduced PNC Wealth InsightSM, a platform that gives investors a
snapshot of their net worth at any time. We already have nearly 10,000 customers using it.
Managing Risk As 2012 begins, the U.S. economy is showing signs of improvement,
and we are optimistic about the ongoing recovery, albeit at a deliberate pace. At the same time,
we are mindful of the impact that sustained high rates of unemployment and slow GDP growth
could have on our business. As a result, credit risk remains a priority for us.
Our nonperforming assets declined and our provision for credit losses and net
charge-offs significantly improved in 2011. Overall, we remain committed to a
moderate risk profile.
We take a similar approach in managing our balance sheet. I am fond of saying that every company
will eventually meet its balance sheet. We have met ours, and we like it. Our balance sheet remained
highly liquid and core funded with an 85 percent loan-to-deposit ratio at the end of the year.
Looking ahead, we are focused on managing our balance sheet effectively, adding clients that
meet our standards for risk-adjusted returns and making enhancements to risk management
capabilities and technologies.
While challenges remain, we believe adherence to the risk management principles we have
established will continue to serve us well.
Assembling a Strong Team It takes teamwork to achieve results, and in 2011,
our employees were more engaged than ever. We won a “Gallup Great Workplace Award” and were
the only U.S. bank to be recognized for this achievement.
Our effort to engage the workforce includes improving diversity at PNC. In 2011, we launched a
number of Employee Business Resource Groups – Latino, African-American, Women, and Gay,
Lesbian, Bisexual and Transgender among them. For the benefit of both employees and customers,
we dramatically increased the amount of outreach we do in Spanish.
PNC has continued to hire employees throughout the economic downturn, and we seek top talent
at all levels across our franchise. As we begin our recruiting process in the Southeast, we have
received more than 10,000 external applications to join our firm in that region.
We also enhanced our management team. We named Joe Guyaux, a 40-year PNC veteran who
most recently led Retail Banking, as our chief risk officer. In today’s risk environment, we could find
… we believe adherence to the
risk management principles we
have established will continue to
serve us well.