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PNC » Topics » COMPETITION

This excerpt taken from the PNC 10-K filed Mar 2, 2009.

COMPETITION

We are subject to intense competition from various financial institutions and from non-bank entities that engage in similar activities without being subject to bank regulatory supervision and restrictions.

In making loans, our subsidiary banks compete with traditional banking institutions as well as consumer finance companies, leasing companies and other non-bank lenders, and institutional investors including 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 risk-adjusted returns. Traditional deposit activities are subject to pricing pressures and customer migration as a result of intense competition for consumer investment dollars.


 

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Our subsidiary banks compete for deposits with the following:

  •  

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 private equity activities compete with the following:

  •  

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 the following:

  •  

Investment management firms,

  •  

Large banks and other financial institutions,

  •  

Brokerage firms,

  •  

Mutual fund complexes, and

  •  

Insurance companies.

The fund servicing business is also highly competitive, with a relatively small number of providers. Merger, acquisition and consolidation activity in the financial services industry has also impacted the number of existing or potential fund servicing clients and has intensified competition.

We include here by reference the additional information regarding competition included in the Item 1A Risk Factors section of this Report.

EMPLOYEES Period-end employees totaled 59,595 at December 31, 2008. This total includes 25,313 full-time and 2,908 part-time PNC legacy employees and 27,112 full-time and 4,262 part-time National City employees.

"COMPETITION" elsewhere:

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Citigroup (C)
Associated Banc-Corp (ASBC)
BB&T (BBT)
BlackRock (BLK)
Commerce Bancshares (CBSH)
Comerica (CMA)
City National (CYN)
First Horizon National Corporation (FHN)
Fifth Third Bancorp (FITB)
FirstMerit (FMER)
Fulton Financial (FULT)
Hancock Holding Company (HBHC)
IBERIABANK (IBKC)
KeyCorp (KEY)
Marshall & Ilsley (MI)
M&T Bank (MTB)
National City (NCC)
Northern Trust (NTRS)
Regions Financial Corporation (RF)
SVB Financial Group (SIVB)
Susquehanna Bancshares (SUSQ)
TCF Financial (TCB)
South Financial Group (TSFG)
UnionBanCal (UB)
UCBH Holdings (UCBH)
Valley National Bancorp (VLY)
Webster Financial (WBS)
Zions Bancorporation (ZION)
State Street (STT)
US BANCORP \DE\ (USB)
Bank of America (BAC)
E TRADE FINANCIAL CORP (ETFC)
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