PNC Moves President To Chief Risk Officer In Management Shuffle

PNC Financial Services Group Inc. (PNC) announced a management shuffle Friday, stripping the president title from Joseph Guyaux while making him a senior vice chairman and chief risk officer.

Neil Hall, who has been in charge of the Pittsburgh bank's retail distribution system since 2005, will take over as head of retail banking, which was under Guyaux's purview as president.

The changes were made Wednesday, PNC said in a filing with the Securities and Exchange Commission. Hall will report to Senior Vice Chairman William Demchak, as will Saiyid Naqvi, chief executive of PNC Mortgage, the filing said.

"The change supports PNC's strategic priorities," a spokesman for PNC wrote in an email Friday.

In December, PNC said its chief risk officer at the time, Enrico Dallavecchia, stepped down from the position and was on administrative leave, the Wall Street Journal reported. Dallavecchia, the former chief risk officer of Fannie Mae (FNMA), is one of six former Fannie Mae and Freddie Mac (FMCC) executives the SEC sued in December for allegedly misleading investors on risks related to subprime loans.

-By Andrew R. Johnson, Dow Jones Newswires; 212-416-3214; andrew.r.johnson@dowjones.com

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