The Dallas company finally made the move that had long been expected: Curtis Farmer succeeds Ralph Babb as chief executive. However, Farmer will still report to Babb, who stays on as executive chairman.
Allison Dukes says she will not be joining the combined company because she wants to remain in Atlanta, where she is involved with a number of civic and philanthropic organizations. The merged company will be headquartered in Charlotte, N.C.
Asked during Friday's earnings call if he'd be interested in running the embattled bank, William Demchak said he will end his career at PNC. He also ruled out M&A.
On the same day the House Financial Services Committee held a hearing with CEOs of seven of the largest banks, Sen. Sherrod Brown said bank misconduct since the crisis demanded further inquiry by the Senate Banking Committee.
The Massachusetts senator introduced legislation Wednesday that would require executives of large corporations to serve jail time when their companies commit crimes, including for violations of civil law.
The bank's decision to select its general counsel as successor to Tim Sloan, albeit on a temporary basis, focused attention on its frayed relationships with the Federal Reserve and the OCC.
