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PNC exec lays out strategy for Detroit's rebirth

Wed. October 28, 2009; Posted: 08:18 AM
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Oct 28, 2009 (Detroit Free Press - McClatchy-Tribune Information Services via COMTEX) -- PNC | Quote | Chart | News | PowerRating -- Detroit can revitalize and diversify its economy much as Pittsburgh did and probably in far less time, James Rohr, chairman of PNC Financial Services Group, told members of the Detroit Economic Club on Tuesday.

PNC, which acquired National City Bank in December, has its headquarters in Pittsburgh, which lost 250,000 steel-related jobs in the early 1980s.

Though it took 30 years, Pittsburgh has staged a comeback, building a strong health care and life sciences industry.

Rohr urged Detroit's city and business leaders to invest in education, improve the city's downtown and support businesses in growing industries.

"It's all about using the work ethic and innovation that is resident here," he said in Detroit. "Don't forget what you have to build on. You can build a more diverse economy."

For Detroit to recover, Rohr said it needs to fix its education system, invest in growth businesses that differentiate the region from others and entice more people to live downtown.

The public and private sectors also need to work together. And local universities should get their students involved in the city.

In an interview, Rohr said that PNC does not intend to do any layoffs or close any bank branches in Michigan because National City and PNC do not have overlapping operations in the state. It's adding a few jobs to its largest call center in Kalamazoo.

National City ranks as Michigan's fourth-largest bank in terms of deposits, with more than 250 branches in the state that are to switch over to the PNC name in next year's first half.

The biggest change customers will see is more technology-related offerings such as the bank's virtual wallet product, Rohr said. More philanthropic dollars will also be going to the state.

Contact KATHERINE YUNG: 313-222-8763 or kyung@freepress.com

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For full details on Pnc Financial Svcs Grp (PNC) click here. Pnc Financial Svcs Grp (PNC) has Short Term PowerRatings of 5. Details on Pnc Financial Svcs Grp (PNC) Short Term PowerRatings is available at This Link.

    


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