PNC Financial says it is adding positions in corporate and wealth management along with the retail and mortgage sides of newly acquired markets. This comes as PNC issued an announcement that it was buying Royal Bank of Canada's U.S. retail operations.
Many laid off financial professionals on the lending and wealth management side might not necessarily consider one of the regional or smaller banks as a potential employer. But, at least for now, jobs at smaller and regional banks appear to be safer bets, given that these banks are better capitalized than many would suspect.
Employees of RBC branch operations had been fretting their fate. But word from PNC indicates better news than most would expect from a bank acquisition. According to PNC, they plan to keep on "most of RBC Bank (USA) customer-facing employees".
PNC has also mentioned the possibility of job additions on the retail, corporate, mortgage and wealth management side in their newly acquired markets. While it did not mention of back office jobs, those positions be safe as well. Reports note that PNC's entry into this brand new region means they can't consolidate RBC locations into PNC ones.
While the bigger banks continue to toss their retail banking biz, the big push is in wealth management for more affluent areas in the Northeast, Southeast and on the West Coast. The Provident Bank announced the acquisition of Beacon Trust Company and Beacon Global Asset Management, adding trust and wealth management services throughout New Jersey. Expect job additions down the road.
Cincinnati-based First Financial announced plans for a move to its new corporate headquarters in the city. A new personal banking, business banking and wealth management solutions centre will be added there, as well. The bank will be moving their associates from a nearby location to the new facility, but First Financial is also planning to add about 150 jobs in the central business district.