Mark Wiedman has been appointed president of The PNC Financial Services Group, Inc. and its banking subsidiary, PNC Bank, effective immediately, the company announced Monday.

Wiedman, formerly a senior managing director at BlackRock, will report to PNC Chairman and CEO William S. Demchak. PNC’s core business lines and Regional Presidents Office will report to Wiedman.

“Mark brings deep experience from a fast-moving, tech-forward, consolidating industry that aligns perfectly with where we are headed,” Demchak said in a statement. “I’ve worked with Mark for 20 years, and we are fortunate the timing was right for him to join our team.”

PNC said it is focused on growth, technology and customer relationships, noting strong operating performance in 2024. The company aims to scale its services and increase brand visibility while maintaining its commitment to customers, communities, employees and shareholders.

At BlackRock, Wiedman led the Global Client Business, overseeing $11 trillion in commercial relationships and partnerships. He previously headed the firm’s iShares and Index Investments division, growing it from $500 billion to $1.7 trillion.

Wiedman joined BlackRock in 2004 and played a key role in its Financial Markets Advisory unit, which advised on crisis-era financial support to governments and institutions. He also helped launch PennyMac in 2008 and served on its board for more than a decade. Before joining BlackRock, he was a senior advisor at the U.S. Treasury.

“PNC has earned one of the most exciting spots in U.S. finance,” Wiedman said. “The banking landscape is evolving fast. The winners will understand where customers and technology are heading and move there faster than the rest.”