PNC Financial Services Group (PNC) is a Pittsburgh-based bank, which is the fifth-largest bank by the number of branches, sixth-largest by deposits, sixth-largest by total assets and fourth-largest by the number of ATMs. As of December 31, 2017, it had $381 billion in total assets and $265 billion in deposits. Its primary geographic markets are 19 states from the Mid-Atlantic, Midwest and Southeast regions and it has a network of almost 2,500 branches.
It has three primary business segments:
- Retail Banking
- Corporate & Institutional Banking
- Asset Management
Apart from this, it also has 22% economic interest in BlackRock (BLK), which is a leading investment management firm providing a broad range of investment and related services to institutional and retail clients across the globe. PNC’s stake in BlackRock is currently worth around $18 billion. PNC’s current market capitalization is around $70 billion, which means that the core banking business is worth only $52 billion.
