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2008年12月10日 - 2:18AM
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This
Transition News
was distributed to employees on December 9, 2008.
TRANSITION NEWS
News about the PNC/National City Merger
December 9, 2008, Issue 4
In This Issue
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Message from Tom and Shelley
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Pricey Presents: PNC Calculates Cost of Christmas
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PNCs Virtual Wallet Product Featured in
BusinessWeek
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Message from Tom and Shelley
(Tom Whitford, PNCs chief administrative officer, serves as the integration manager. Shelley
Seifert, National Citys executive vice president of Corporate Services, joins Tom on the
integration leadership team.)
Recent messages from Peter Raskind and Jim Rohr introduced the
executive team
that will lead our
combined organizations businesses, markets and staff and support areas after the closing, which is
subject to shareholder and regulatory approval. These executives are now working to structure their
expanded areas of responsibility and assemble their teams, which will include even more talented
leaders from both National City and PNC.
As these conversations are occurring, excitement is building about new opportunities for many in
our expanded company. Several members of the National City executive team shared their thoughts
about the process:
Like National City, PNC has built an impressive presence in some key, high-growth regions.
We have a similar approach when it comes to market leadership, and I am confident we will
find the right structure to capitalize on opportunities to grow sales and revenue in these
high-potential regions.
Phil Rice
, who will have responsibility for Western markets for
the combined organization
Im excited about this powerful new combination of PNC and National City coming together.
Retail employees are the predominant face of the combined PNC/National City organization.
Thats why its more important than ever for us to create a consistent experience that helps
enhance customer advocacy and springboard business growth. In the end, the dedicated people
on the
Transition News
December 9, 2008
Page 1
front lines make it happen.
Dan Frate
, head of National Citys Retail Banking
An integration of this size and scale requires an incredible level of leadership,
coordination and planning across both organizations. Both PNC and National City have
experienced people who have been involved in past acquisitions and who are working to bring
the best thinking to the integration. This type of cooperation is encouraging and needed to
ensure that our customers are transitioned to the new company in a way that minimizes
impacts and improves the overall customer experience over time.
Jon Gorney
, executive
vice president of Corporate Operations & Information Services and an integration team leader
Pricey Presents: PNC Calculates Cost of Christmas
(Just as we do at National City, PNC always looks for unique and creative opportunities to share
information with clients. Below you can read about one such example.)
True Loves and other hopeless romantics should be prepared to shell out a lot more this year to buy
the gifts in the holiday classic
The Twelve Days of Christmas
, according to PNC Wealth Managements
24
th
annual
Christmas Price Index
(CPI).
The CPI says youll have to part with $86,608.51 for a Partridge in a Pear Tree all the way to the
Twelve Drummers Drumming, bought repeatedly as the song says. Thats up $8,508, or 10.9 percent,
from last years $78,100.10.
The budget-minded shopper wont find many bargains this year, either. The basic CPI the cost of
buying each of the gifts once is up $1,573 to $21,080.10 from $19,507.25. That 8.1 percent
increase represents the second-biggest jump in the indexs history.
Buying the gifts online yields no deals. The total basic cost is $31,956.62, up 2.8 percent from
last years $31,249.00.
CPI reflects economic trends
Each year, PNC calculates the cost of the items in the
Twelve Days of Christmas
if purchased at
current prices. Its a fun way for people of all ages to learn about the economy. Trends have
emerged, and the Christmas Price Index has often mirrored the Consumer Price Index.
For example, this year, commodities prices, concerns about increased energy and shipping costs,
jobs and a second straight minimum wage increase were major factors in cost increases, said
Jim
Dunigan
, managing executive of investments for PNC Wealth Management. The CPIs cost sources range
from retailers to the National Aviary in Pittsburgh and Philadanco, a modern dance company in
Philadelphia.
Transition News
December 9, 2008
Page 2
Media outlets take note
Media interest in the CPI is extensive. Most notable broadcast hits included an appearance by
Dunigan on CNBC Squawk Box, Bill Stone on Fox Business Channel and mentions of CPI on CBS Up to
the Minute, CBS Early Show and CBS Morning News, ABC News, CNN American Morning and CNN
Headline News. Notable print/online articles appeared in the
Washington Post
,
New York
Times
,
Baltimore Sun
and
USA Today
.
And because youre wondering, the full list is topped by:
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The Seven Swans-a-Swimming. Their cost increased 33.3 percent because of scarcity. True
Loves will spend $5,600 this year, compared to $4,200 last year.
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PNCs Virtual Wallet Featured in BusinessWeek
PNCs Virtual Wallet continues to win good reviews the latest from
BusinessWeek
magazine
and the research and consulting firm Celent.
PNC introduced Virtual Wallet, a comprehensive money management and online banking tool aimed at
Generation Y consumers (18- to 34-year-olds), in July. It has been attracting 130 new customers a
day.
In its Dec. 8 issue,
BusinessWeek
reports that of Virtual Wallets 20,000 customers so far,
65 percent of them (are) new and 70 percent (are) in the Gen Y demographic.
PNC President Joe Guyaux told the magazine that Virtual Wallet, which cost about $15 million to
develop, should break even in two years, about a year less than it would take a new
brick-and-mortar branch to do so.
Guyaux also said that Virtual Wallet will grow up with its young customers by offering new loan
and investment tools.
Boston-based Celent says in a report that PNCs unveiling of its Virtual Wallet ... marks one of
the boldest enhancements to the online banking experience made by any bank in the top 30 since the
industry moved from PC banking to Internet banking.
Celents October report, entitled Web 2.0 and Retail Banking: Less Hype Equals Opportunity, also
says that PNC addressed multiple dimensions with ... Virtual Wallet, including basic product
needs and site language and site behavior.
Celent notes that Virtual Wallet is likely to generate buzz in the target market ... with a simple
game called Punch the Pig where each punch of a piggy bank moves money from checking to
savings.
Transition News
December 9, 2008
Page 3
Indeed, Punch the Pig is getting attention.
BusinessWeek
illustrated its article with a
man wearing a T-shirt adorned with a piggy bank that has a computer mouse for a tail.
Merger or Acquisition?
Many employees of both National City and PNC have noted that in some cases the transaction is
referred to as a merger and at other times as an acquisition. So, which one is it?
Actually, it can be referred to either way.
National City Corporation, the holding company for National City Bank, will be merged into The PNC
Financial Services Group, Inc., the holding company for PNC Bank, at the closing of the acquisition
on Dec. 31, 2008, pending appropriate approvals. Keep in mind, though, that National City branches
and most operations will not convert to the PNC brand until late in 2009 at the earliest. You will
learn more about the conversion schedule in the coming weeks and months.
Whats most important is that the integration team consisting of leaders from both organizations
is building a plan designed to make the conversion to PNC as easy as possible for customers and
employees. As indicated in the integration guiding principles, the combined company will take on
PNCs brand and, in most cases, follow PNCs business model to maintain a consistent approach.
Have a question? You can call the toll-free PNC Merger voicemail box at 888/808-4489 and leave a
message with your question or email your question to
CorpComm@NationalCity.com.
Well respond to
questions of general interest in future issues of
Transition News
.
Transition News
December 9, 2008
Page 4
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