Not long ago, executives at PNC Financial Services gave a heads-up to the bank's advertising firm, Deutsch: Start brainstorming for a new campaign that focuses on investment services. Those advertising gurus have their work cut out for them: PNC's investment arm, which has long been considered a respectable but unspectacular regional player, is undergoing dramatic change and expects dramatic results. "We're taking our investment business to the next level," says Mike Mortensen, president of PNC Investments, the bank's brokerage arm.
That's not just talk. PNC has committed tens of millions of dollars for two years' worth of initiatives, including a new call center, advisor training and hiring, and a self-directed web service. And there will be more investment after that, says Mortensen. The Pittsburgh-based bank anticipates that its investment will spur a jump from $250 million in annual revenue to $1 billion within 10 years or less.
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