For the US’s best bank award this year, Euromoney chose PNC Financial Services in recognition not only of another excellent year for the bank but also for its patient development since Bill Demchak took over as chief executive in 2013.
Earlier technology investments have served the bank well, particularly as the Covid-19 crisis struck the US economy in early 2020, and its approach of building far beyond its regional roots into what is now a national franchise has given it an excellent platform for further development, a platform further bolstered by its timely exit from BlackRock.
“It has been a patient build,” the magazine observed, “and Demchak makes no excuses for that. Revenues and profits have risen by about 17% over five years. But last year’s $17.8 billion revenue was a record for the firm, while the 4% increase was better than many peers.”
RBC Capital Markets is a regular winner of our award for Canada’s best investment bank and secures the accolade again this year. But parent group Royal Bank of Canada also adds the title of Canada’s best bank to its tally for the first time since 2004.