Truist and PNC plan to enter new markets

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Diving brief:

  • Truist entered the Chicago market with a 10-person team of wealth management professionals, according to a statement Tuesday.
  • Breaking into the Windy City, Truist Wealth now serves nine of the country’s 10 largest metropolitan areas.
  • At the same time, PNC is also planning its geographic deployment. The firm announced in A press release last week it will restructure its private bank adding two regions to better manage its expanded footprint in the West after acquisition of the American branch from Spanish lender BBVA last year.

Overview of the dive:

Truist Wealth is breaking into the third-largest market in the United States for the first time, the Charlotte, North Carolina-based company revealed on Tuesday. The lender’s wealth management arm has opened an office in downtown Chicago, which now has 10 employees.

“Disciplined expansion will help us achieve our strategic goals, and our Chicago team brings a combination of private banking, brokerage and trust experience that will help Truist Wealth grow and win in this market, said Joseph. Thompson, director of heritage at Truist, in a statement. “I am confident that the team’s track record, combined with our planning-centric service model and our commitment to inspiring and creating better lives and communities, will position Truist Wealth for success.”

The $544 billion asset bank, resulting from a 2019 merger between BB&T and SunTrust, will provide financial planning, investment management, banking and risk management solutions to high net worth individuals, families and individuals. Chicago business owners.

PNC heading west

Truist isn’t the only major bank to expand its footprint in recent times.

PNC’s acquisition of the US arm of BBVA extended the reach of the Pittsburgh-based bank across the western part of the country.

To accommodate this expansion, PNC is restructuring to add two new private banking regions – West and Southwest/Mountain – in addition to the five existing banking regions: Greater Pennsylvania, Northeast, Southeast, Midwest, and Mid Atlantic.

As part of the reorganization, PNC is promoting Jennifer Lee to oversee PNC’s seven private banking regions in a new position: Head of US Markets. Lee most recently served as regional managing director and executive vice president for the bank’s northeast region, according to his LinkedIn profile.

“We believe these changes provide both the leadership and structure necessary for PNC Private Bank to continue to grow effectively in all of our markets nationwide,” Don Heberle, head of PNC Private Bank, said in a statement. . “We are confident that this new organizational approach, coupled with Jennifer’s leadership, will allow us to further strengthen our relationships with our existing customers and position us to serve future customers across the country in a consistently exceptional manner.”

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