By Rebecca Ungarino

Industry insiders were surprised in January when Mark Wiedman, a powerful top executive at BlackRock at the time, said he would be leaving the firm where he spent two decades.

He had been widely viewed as a potential successor to Larry Fink, BlackRock's co-founder and chief executive, as he shaped strategy and held a series of senior posts at the world's largest asset manager. At the time, Wiedman, 54, hadn't announced where he would go next.

On Monday afternoon, PNC Financial Services Group said Wiedman would join the company as president, reporting to CEO and chairman Bill Demchak, effective immediately. Pittsburgh-based PNC is the seventh-largest U.S. bank by assets.

Wiedman will oversee PNC's main operating lines of business and its regional presidents office. Demchak, who previously sat on BlackRock's board, said he had worked with Mark "for 20 years, and we are fortunate that the timing was right for him to join our team."

Following the bank's announcement, shares of PNC rose 3.8% in after-hours trading. The stock has gained 45% in five years while the S&P 500 has risen 81% over that time.

"The banking landscape is evolving fast," Wiedman said. "The winners will understand where customers and technology are heading and move there faster than the rest."

Wiedman's move is notable within financial services because he had been one of the most influential asset management leaders of recent years. He now joins one of the largest U.S. lenders in a top position at a difficult time for the industry. Bankers must deal with fears of a slowing economy, tepid loan growth, and an uncertain outlook for interest rates as central bankers take stock of global trade tensions.

Piper Sandler analyst Scott Siefers wrote in a client note on Monday that Wiedman's hire is also important "because it fills a void left a couple of months ago by the departure of PNC's prior president Mike Lyons."

"It further seems, in our view, to set him up as the eventual successor to Mr. Demchak, which likely 'solves' what had been an uncharacteristic open question about succession at the company," Siefers wrote, adding that he views the hire as positive and expects Demchak to "stay on for a few more years in his current role."

BlackRock congratulated Wiedman in a post on X. He had most recently been BlackRock's head of the global client business and previously held other key roles including global head of iShares and index investments.

"Many of our alumni go on to take senior roles across financial services, and we are proud to see Mark join this list," the firm posted on its account on Monday. "His intellect, enthusiasm, and leadership defined his time at BlackRock and we have no doubt will serve him well in this new phase of his career. We wish him the best."

Write to Rebecca Ungarino at rebecca.ungarino@barrons.com

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April 07, 2025 20:21 ET (00:21 GMT)

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