Objective:
During the prior years, PNC had successfully transformed into a diversified financial institution built on strong customer relationships and advanced technology. PNC leadership's primary challenge was to find efficiencies but to do it strictly through the lens of what the customer values. A plan for accelerated growth required a complete review of business practices coupled with a disciplined look at all potential growth opportunities.Industry:
Diversified financial servicesKey Facts:
- 15th largest bank with $91 billion in assets
- One of Fortune's Most Admired Companies
- Top Ranking Among Financial Services Companies in "Innovation 100" Research
- Revenues: $6.3 billion; employees: 24,000
Results:
- Announced earnings impact of $400 million, including $100 million in increased revenues and $300 million in cost reductions
- 25% increase in stock price in 4 months following announcement of project results
Press:
- American Banker to Honor James Rohr of PNC Financial with 2007 Banker of the Year Award (32 KB PDF)
- American Banker "PNC Efficiency Campaign Earns a Pair of Upgrades" (1.7 MB PDF)
- American Banker "3Q Earnings: A Running Theme Continues — Cost Controls" (485 KB PDF)
- American Banker "In Focus: As Banking Cycle Turns, Demand for Greater Detail" (400 KB PDF)
As Chairman and CEO, James Rohr has been responsible for PNC being nicknamed the comeback kid. Leading with an expansion strategy while others in the industry remain timid, Rohr's aggressive management style and his execution of the OnePNC initiative has delivered significant new earnings and grown the company to over $126 billion in assets. Learn why American Banker has named Rohr the 2007 Banker of the Year.
Wall Street recognizes PNC's efforts to achieve the cost savings and revenue growth identified during the "OnePNC" project
Following PNC's Third Quarter Earnings results, CEO Jim Rohr discusses "OnePNC"'s impact on changing processes and enhancing profitability
PNC is singled out among its peers for using the "OnePNC" initiative to clearly communicate how PNC will reduce costs and increase revenue in a tough business climate