PNC Financial Services named E. William Parsley III chief operating officer, effective immediately. Parsley brings with him experience in capital and liquidity management, interest rate risk, investments, and internal and regulatory stress testing.

Gagan Singh will succeed Parsley as chief investment officer and continue with his current duties while Randall C. King will succeed Parsley as treasurer. Both will continue to report to Parsley.

“We’ve named Bill our chief operating officer in recognition of the outstanding work he has done managing our balance sheet for many years through numerous acquisitions and significant economic turmoil,” said William S. Demchak, PNC chairman, president and CEO. “More recently, he has also been leading our home lending transformation and streamlining and strengthening our operations in connection with mortgage and home lending as well as retail and consumer lending.”