PNC Bank, a subsidiary of PNC Financial Services Group Inc., has added significant executive leadership to its Los Angeles team following its expansion on the West Coast this year.
The bank named new heads of corporate banking and wealth management for the greater Los Angeles area.
Daniel Timmons is now leading corporate banking and Sandra Madden oversees wealth management.
“Adding new leaders to the team allows us to expand our capabilities to operate at a different level among our competitors at the local level,” said Todd Wilson, PNC’s regional president of the greater Los Angeles market.
PNC has had a customer base in Los Angeles for a while, but its venture into corporate banking and wealth management for the area’s dense high net-worth population is new. Its corporate team began operating out of Century City five months ago.
While Madden has been with PNC for more than a decade, Timmons joins after 20 years with Bank of America’s Los Angeles outpost.
Coming from one of the big four, Timmons brings an extensive network of companies with yearly revenues north of $500 million, including the area’s entertainment powerhouses.
According to Timmons, PNC’s local delivery model means his contact Rolodex may be called upon to broaden the bank’s network here.
“PNC delivers a localized approach to each market, focusing on the industries with a significant presence in that individual market,” Timmons said. “Over time, as we expand the full capabilities of the bank in Los Angeles, we plan to serve the local leading industries.”
For PNC’s wealth management activity, moving in on the market began with the bank’s acquisition of BBVA USA Bancshares Inc. in 2021.
According to Madden, most of the clients the bank serves look for multigenerational wealth planning.
In a tumultuous market, one in which PNC itself has not been immune to downturns and negative outlooks by credit ratings, Madden says the bank’s history proves it’s a strength for asset security.
“Private-bank clients are not immune to swings in the market and economic uncertainty, and there are strategies we can and do employ to mitigate risks during periods of volatility,” Madden said.
PNC advances into the Los Angeles market after two regional competitors announced a merger in the second quarter. PacWest Bancorp merged with Banc of California Inc. following major blows to its balance sheet in the first-quarter’s regional banking crisis.
Wilson and his team believe this trend will continue, but PNC’s competitive strategy focuses on building internal department talent, expanding its bandwidth to serve potential customer bases that could be looking for safe banking alternatives now.
“Amid economic uncertainty, it may be easy to lose sight of an important reality – we’ve been here before, and we know its temporary,” Timmons said. “For more than 170 years, PNC has navigated a steady course and has earned a reputation for effectively and efficiently managing through economic cycles.”
