Latest news with #WilliamDemchak
Finextra
23-07-2025
- Business
- Finextra
PNC partners Coinbase to bring crypto services to clients
PNC Bank has struck a deal with Coinbase to bring crypto services to the Main Street lender's clients and institutional investors. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Coinbase's Crypto-as-a-Service platform will enable PNC buy, sell and hold cryptocurrencies through their bank accounts. The partnership also sees PNC provide "select banking services" to the cryptocurrency giant. William Demchak, CEO, PNC, says: This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC's trusted platform." Brett Tejpaul, head, Coinbase Institutional, adds: "We're thrilled to support their [PNC's] entry into the digital asset market with our leading Crypto as a Service platform, which provides PNC with a powerful set of tools to develop a scalable, high-growth business, built on a foundation of uncompromising security."
Yahoo
22-07-2025
- Business
- Yahoo
Coinbase and PNC to work together as crypto reaches for Main Street
The largest US cryptocurrency exchange and a Pittsburgh regional lender announced a strategic partnership Tuesday that shows how upstart crypto and old-school banking are coming closer together. The new arrangement between Coinbase Global (COIN) and PNC Financial Services Group (PNC) will give retail and institutional customers of the seventh-largest US bank a way to buy, sell and hold cryptocurrencies through their PNC accounts. PNC will also begin providing Coinbase with select banking services, including settlement, as part of the agreement. 'Partnering with Coinbase accelerates our ability to bring innovative, crypto financial solutions to our clients,' PNC CEO William Demchak said in a statement. "This collaboration enables us to meet growing demand for secure and streamlined access to digital assets on PNC's trusted platforms,' Demchak added. The two companies described the relationship as in its early stages and said they plan to launch PNC's first crypto offering in the coming months through the deployment of Coinbase's newer crypto-as-a-service (CaaS) infrastructure product. 'PNC is a market leader in delivering best-in-class products for their clients," Brett Tejpaul, Coinbase's head of institutional division, said in a statement. "We're thrilled to support their entry into the digital asset market." Such a partnership is an example of how the once segregated worlds of crypto and traditional banking have moved closer together this year as digital assets gain more favorable regulatory treatment from President Trump and lawmakers in Washington, D.C. While Biden-era regulators discouraged banks from moving toward crypto after a series of blowups in the world of digital assets in 2022, the Trump administration has pushed to lower barriers between the two industries. And the path toward clearer and more favorable rules for crypto in the US has in turn spurred investors to flock to digital assets. Crypto's total market capitalization is now nearing $4 trillion, up by $680 billion since the start of 2025, according to CoinMarketCap. Meanwhile, the price of bitcoin (BTC-USD), the largest cryptocurrency, notched fresh all-time highs above $122,000 earlier this month. Some crypto firms are seeking approvals for national trust bank charters as they push for more customers, spurring some pushback from bank lobbyists. The American Bankers Association and Independent Community Bankers of America have asked the Office of the Comptroller of the Currency (OCC) to delay consideration of these charters to be sure the crypto firms aren't planning to use them for other banking services outside the scope of what the charters allow. At the same time, big US banks are assessing their options for whether to buy, build, or partner with crypto firms to get a piece of the digital asset business. At least two big Wall Street institutions — Morgan Stanley (MS) and Charles Schwab (SCHW) — have already signaled plans to offer cryptocurrencies through their wealth management platforms in the coming months. JPMorgan Chase (JPM) is exploring letting customers lend against their crypto-related products as soon as this quarter, according to people familiar with the matter. The Financial Times reported Tuesday that the bank is also exploring extending such an offering to let clients lend directly against their crypto holdings next year. JPMorgan CEO Jamie Dimon, Citigroup (C) CEO Jane Fraser and Bank of America (BAC) CEO Brian Moynihan all said last week they are planning to get involved in dollar-pegged stablecoins as Congress passed the first-ever federal framework for those digital assets. Trump signed the legislation into law on Friday. Big banks have also convened to explore prospects for launching a collaborative stablecoin network similar to Zelle, and PNC's Demchak has been at the center of those collaborative discussions. 'Brilliantly boring' PNC's new partnership with Coinbase is another demonstration of how crypto is reaching for even wider adoption. The Pittsburgh-based bank has roots that trace back to the Civil War, and it prides itself on its conservative principles. A national ad campaign that rolled out last year positioned it as a 'boring' lender that helps customers and businesses build wealth without taking giant risks. 'Brilliantly Boring since 1865,' one slogan read. Emma Loftus, PNC's head of treasury management, said in an interview with Yahoo Finance that the partnership with Coinbase is "absolutely on brand for us." "It's not about a lot of trading and volatility," Loftus said. "It's all about how do we support our clients who actually want to be able to participate in these markets?" In retail and wealth customer accounts, PNC has seen funds flow into crypto-related activities offered by other providers, and there is real interest in being able to give customers a better connection and visualization of these activities through their PNC bank accounts, Loftus added. 'Now we are allowed to bank people in that business,' Demchak said when asked by an analyst in an earnings call last Wednesday about stablecoins, crypto, and the new legislation in Washington. 'Just given our raw capabilities, you would expect that we'll get some meaningful clients there. Secondly, we will enable our clients in the very near term to be able to use crypto,' Demchak added. David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. His email is david dot hollerith@ Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-02-2025
- Business
- Yahoo
PNC Adds More Physical Branches to Stave Off Competitive Threats
(Bloomberg) -- PNC Financial Services Group Inc. is increasing the number physical branches it operates to keep up with the largest US banks and stay ahead of any future consolidation of smaller competitors that could create another lender of PNC's size. Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille In New Orleans, an Aging Dome Tries to Stay Super A sweet spot to earn its 'fair share of deposits' is to reach 7% to 8% of branch share in key geographies where it operates — a goal PNC is pursuing, Chief Executive Officer William Demchak said in an interview. Among metropolitan areas where it's opening new locations, the branch share was 5.7% in Houston as of June 30, and 5.3% in Atlanta, compared with 13.1% in its home base of Pittsburgh. The bank has added 14 new branches since the beginning of 2024 as part of its plan to open more than 200 locations and invest $1.5 billion in branches. It added nearly 600 locations with the acquisition of Banco Bilbao Vizcaya Argentaria SA's US business for $11.5 billion in 2021. The next area PNC will focus on is Salt Lake City, one of the fastest-growing markets in the country, Chief Financial Officer Robert Reilly said Tuesday at a UBS Group AG conference. 'We're going to do in Salt Lake City what we've done for the better part of the last 15 years,' he said. PNC is now established enough in its new geographic regions to grow at a pace exceeding expansion in its legacy markets, according to Demchak. Even with the momentum, PNC's deposit growth, by an absolute amount rather than a percentage, is still slower than at far-larger competitors such as JPMorgan & Chase Co. and Bank of America Corp., he said. 'We've been very public for a long time about the need for scale and our pursuit of scale both organically, and if the opportunity arises in the right form, through inorganic acquisitions,' Demchak said. In terms of mergers and acquisitions, regional banks with about $150 billion to $250 billion of assets appear to be more interested in buying or growing on their own — and if such banks are unwilling to sell, there'd be no way to move the needle on M&A, Demchak said. 'People don't feel an immediate impetus — my view — to want to do something,' he said. One reason for that is that banks predict tailwinds to boost earnings organically. They see paths to unlock loan growth with lower interest rates and President Donald Trump's plans to juice the economy. At the same time, the need to invest is also growing in a broad range of matters, from cyber security and tackling fraud to marketing and broadening services. The lack of scale for smaller institutions is an inherent constraint, Demchak said, considering how much — and how quickly — big institutions can invest. If smaller regional banks were to consolidate among themselves, there is an opinion in the marketplace that 'five years from now there's another PNC,' Demchak said. But, in that time frame, giant banks would be able to increase their market share as well, he said. 'People who don't realize that they need to be ultimately part of a very large organization are going to struggle,' Demchak said. PNC last month announced the departure of Michael Lyons, who was appointed the company's president less than a year ago. The move surprised investors who saw Lyons as the eventual successor to Demchak, 63, when he ultimately retires. Demchak, who's been with PNC for more than 23 years, doesn't see an urgent need to fill the vacancy, and the company has no shortage of talent who are familiar to the board, he said. He'll retake supervision of the primary operating lines, and regional presidents will once again report to him. 'We take succession seriously and we've gone through an exercise, and we'll go through it again,' Demchak said. 'But there's no big race or rush, and we'll do just fine.' (Updates with CFO's comments in fourth, fifth paragraphs.) Why Fast Food Could Be MAHA's Next Target Trump's Tariffs Make Currency Trading Cool Again After Years of Decline The Game Changer: How Ely Callaway Remade Golf Trump Promised to Run the Economy Hotter. His Shock and Awe May Have a Chilling Effect Orange Juice Makers Are Desperate for a Comeback ©2025 Bloomberg L.P. Sign in to access your portfolio
