PNC Bank 2014 Annual Report Download - page 31

asset-backed securities). However, an insured depository
institution is permitted to engage in structured finance swaps
for hedging or other risk mitigating purposes. An insured
depository institution that fails to comply with the restrictions
in Section 716 could face restrictions on the institution’s
access to the Federal Reserve’s discount window or FDIC
deposit insurance or guarantees.
In addition, an investment adviser to private funds or to
registered investment companies may be required to register
with the CFTC as a commodity pool operator. Registration
could impose significant new regulatory compliance burdens.
Presently, we expect our subsidiaries that serve as investment
advisers to such entities to be eligible for exemptions from
registration as a commodity pool operator.
BlackRock has subsidiaries in securities and related
businesses subject to SEC, other governmental agencies, state,
local and FINRA regulation, and a federally chartered
nondepository trust company subsidiary subject to supervision
and regulation by the OCC. For additional information about
the regulation of BlackRock by these agencies and otherwise,
we refer you to the discussion under the “Regulation” section
of Item 1 Business in BlackRock’s most recent Annual Report
on Form 10-K, which may be obtained electronically at the
SEC’s website at www.sec.gov.
Competition
We are subject to intense competition from other regulated
banking organizations, as well as various other types of
financial institutions and non-bank entities that can offer a
number of similar products and services without being subject
to bank regulatory supervision and restrictions.
In making loans, PNC Bank competes with traditional banking
institutions as well as consumer finance companies, leasing
companies and other non-bank lenders, and institutional
investors including collateralized loan obligation (CLO)
managers, hedge funds, mutual fund complexes and private
equity firms. Loan pricing, structure and credit standards are
extremely important in the current environment as we seek to
achieve appropriate risk-adjusted returns. Traditional deposit-
taking activities are also subject to pricing pressures and to
customer migration as a result of intense competition for
deposits and investments.
PNC Bank competes for deposits with:
• Other commercial banks,
• Savings banks,
• Savings and loan associations,
• Credit unions,
• Treasury management service companies,
• Insurance companies, and
• Issuers of commercial paper and other securities,
including mutual funds.
Our various non-bank businesses engaged in investment
banking and alternative investment activities compete with:
• Commercial banks,
• Investment banking firms,
• Merchant banks,
• Insurance companies,
• Private equity firms, and
• Other investment vehicles.
In providing asset management services, our businesses
compete with:
• Investment management firms,
• Large banks and other financial institutions,
• Brokerage firms,
• Mutual fund complexes, and
• Insurance companies.
We include here by reference the additional information
regarding competition and factors affecting our competitive
position included in the Item 1A Risk Factors section of this
Report.
Employees
Employees totaled 53,587 at December 31, 2014. This total
includes 49,745 full-time and 3,842 part-time employees, of
which 22,216 full-time and 3,274 part-time employees were
employed by our Retail Banking business.
SEC Reports and Corporate Governance Information
We are subject to the informational requirements of the
Securities Exchange Act of 1934 (Exchange Act) and, in
accordance with the Exchange Act, we file annual, quarterly
and current reports, proxy statements, and other information
with the SEC. Our SEC File Number is 001-09718. You may
read and copy this information at the SEC’s Public Reference
Room located at 100 F Street NE, Room 1580, Washington,
D.C. 20549. You can obtain information on the operation of
the Public Reference Room by calling the SEC at 1-800-SEC-
0330.
You can also obtain copies of this information by mail from
the Public Reference Section of the SEC, 100 F Street NE,
Washington, D.C. 20549, at prescribed rates.
The SEC also maintains an internet website that contains
reports, including exhibits, proxy and information statements,
and other information about issuers, like us, who file
electronically with the SEC. The address of that site is
www.sec.gov. You can also inspect reports, proxy statements
and other information about us at the offices of the New York
Stock Exchange, 20 Broad Street, New York, New York
10005.
We also make our Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K, and
amendments to those reports filed with or furnished to the
The PNC Financial Services Group, Inc. – Form 10-K 13