The Wall Street Journal reported that PNC’s William Demchak and former U.S. Bank chief Richard Davis have declined offers to replace Tim Sloan at Wells Fargo.
PNC reported full year 2017 net income of $5.4 billion was up from $4.0 billion a year earlier. The bank noted 65%, or $911 million, of the increase resulted from the impact of new federal tax legislation.
PNC formalized plans to expand its middle market business into the Denver, Houston and Nashville markets in 2018. PNC also released its Q2/17 results, which were up 11% from the same quarter a year ago.