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Bowden reports to Executive Vice President Peter Classen and succeeds Daria Placitella, who was named director of PNC Wealth Management at the end of last year. She works from offices in East Brunswick and Woodland Park and her responsibilities include oversight of retail and corporate banking.
"Linda brings a depth of experience and passion for our business that will further bolster our strong management team in New Jersey," Classen said in a statement.
Pittsburgh-based PNC, the nation's fifth-biggest bank by deposits, is the fourth largest in New Jersey, according to the latest Federal Deposit Insurance Corp. market-share statistics.
Last year the company received $7.6 billion from the federal Troubled Asset Relief Program and it took on a slew of problem assets. Soon afterward, it bought Cleveland-based lender National City for $5.6 billion, a deal that has been a drag on PNC's earnings.
PNC recently raised $600 million in private capital and it plans to repay the TARP money over the next couple of years. The company's stock is down about 18 percent this year.
"There are new challenges in the banking industry," Bowden said Tuesday in a phone interview. "We have seen higher unemployment rates, and people in the investment market have experienced changes in their portfolios that they are not used to, and this creates opportunities," she said. "We are coming from a position of strength and we are committed to growing."
Bowden, who was a private banking executive at Citibank before joining Wachovia in the early 1990s, has a master's degree in institutional counseling from William Paterson University and a master's in business administration with a concentration in finance from Fairleigh Dickinson University.
Since retiring from Wachovia about two years ago, she has received a master's degree in social work from Columbia University.
E-mail: newman@northjersey.com
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