PNC's $4B deal shows its ambition to rival JPMorgan
PNC Financial Services is aiming big—CEO Bill Demchak just led the bank through a more than $4 billion deal to buy a Colorado-based lender, announced Monday.
This move gives PNC a stronger foothold in the Western US and is all part of their plan to double in size and take on banking giants like JPMorgan.
PNC is expanding into new areas, like crypto and private credit
Since 2013, PNC has climbed up to become the eighth-largest US bank with close to $600 billion in assets.
Unlike many banks shutting down branches, PNC is opening more locations to attract new customers and low-cost deposits.
They're also teaming up with Coinbase for crypto transactions and working with TCW Group to break into private credit markets.
President Mark Wiedman—possibly next in line as CEO—is pushing for fresh ideas to keep PNC competitive in today's fast-changing banking world.