Ex-BlackRock executive Mark Wiedman joined U.S. firm PNC Financial Services Group as president, effective immediately.
Wiedman, president of the corporation and wholly owned subsidiary PNC Bank, National Association, reports to PNC Chair and CEO William S. Demchak. He succeeds Mike Lyons, a spokesperson said. PNC said in January that Lyons was leaving to become president and CEO-elect at Fiserv, a financial services technology firm.
PNC’s offerings include asset management, including a $41.5 billion outsourced CIO business, real estate finance and asset-based lending, wealth management and banking.
Last year, the firm said it would partner with TCW Group to provide private credit to middle-market companies. The partnership brings together PNC’s national client relationships and its middle-market lending franchise, with TCW’s originating, underwriting and managing director lending portfolios.
PNC’s primary operating lines of business and the regional presidents office report to Wiedman.
“I’m thrilled Mark has joined us in this role,” Demchak said in a news release. "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."
Wiedman was head of BlackRock’s global client business. His departure was confirmed by CEO Larry Fink on an analyst call on Jan. 15. He joined in 2004 to help build the firm’s Financial Markets Advisory Group, and was touted as one of a handful of potential successors to Fink when the co-founder of the $11.5 trillion firm eventually retires.
