The PNC Financial Services Group Inc. (NYSE: PNC) announced the appointment of Mark Wiedman as president of the corporation and its wholly owned banking subsidiary, PNC Bank.
Wiedman comes to PNC from BlackRock (NYSE: BLK), where he worked for the past two decades and was most recently the head of the Global Client Business responsible for BlackRock’s $11 trillion in commercial relationships, partnerships, and joint ventures across financial institutions and investors worldwide. Prior to that, he was global head of iShares and Index Investments and drove its growth from $500 billion to $1.7 trillion. Wiedman built his early career at BlackRock advising on capital markets and balance sheet issues, joining in 2004 to help start Financial Markets Advisory. He later led BlackRock’s emergency assistance to governments and financial institutions during the financial crisis. Wiedman also led BlackRock’s 2008 creation of Penny Mac and served on its board from 2008-2019. Before joining BlackRock, he was senior advisor to the Under Secretary for Domestic Finance at the US Treasury.
According to the Wall Street Journal, Wiedman was a leading candidate to succeed BlackRock CEO Larry Fink, but left the company in January without having a new job lined up.
“I’m thrilled Mark has joined us in this role,” said PNC Chairman and CEO Demchak. “Banking today is nothing like your father’s bank – not even close. Mark brings deep experience from a fast-moving, tech-forward, consolidating industry that aligns perfectly with where we are headed, and which is why Mark is the right fit for this role. I have worked with Mark for 20 years, and we are fortunate that the timing was right for him to join our team.”
