In 2009...Pittsburgh has nothing to offer people aged 18-45 (York: sales, school)

[AaronPGH]

Originally Posted by NYCAnalyst

PNC wanted this to happen, but failed miserably. If not finance, what is there?

Its funny that you say this JUST as PNC moves up to 5th largest US bank. Great timing for your argument. Keep going.

[NYCAnalyst]

Originally Posted by AaronClark

Its funny that you say this JUST as PNC moves up to 5th largest US bank. Great timing for your argument. Keep going.

PNC could be the biggest bank in the world, but they still don't pay jack, so why would anyone want to work for them?

Oh I'm sorry I didn't realize that the size of one bank is indicative of how the finance industry is doing in the city. I mean Bank of America is the largest US bank, so Charlotte, NC MUST be a hotbed of finance activity, right? I'm sure kids from Wharton and Stern are dying to work there after they graduate

Do you really believe that just because a bunch of people have their savings accounts with PNC, that companies are going to flock to them to help underwrite IPO's and advise on M & A transactions? "Hey all of Western PA has their accounts with PNC so they must be the best company to get us the best value for our equity when we go public."

[OyCrumbler]

Originally Posted by NYCAnalyst

PNC could be the biggest bank in the world, but they still don't pay jack, so why would anyone want to work for them?

Oh I'm sorry I didn't realize that the size of one bank is indicative of how the finance industry is doing in the city. I mean Bank of America is the largest US bank, so Charlotte, NC MUST be a hotbed of finance activity, right? I'm sure kids from Wharton and Stern are dying to work there after they graduate

Do you really believe that just because a bunch of people have their savings accounts with PNC, that companies are going to flock to them to help underwrite IPO's and advise on M & A transactions? "Hey all of Western PA has their accounts with PNC so they must be the best company to get us the best value for our equity when we go public."

Charlotte is a pretty popular place to go after you get your MBA. I'm not sure what your point is with that.

[SewickleyPA]

Originally Posted by NYCAnalyst

PNC could be the biggest bank in the world, but they still don't pay jack, so why would anyone want to work for them?

Oh I'm sorry I didn't realize that the size of one bank is indicative of how the finance industry is doing in the city. I mean Bank of America is the largest US bank, so Charlotte, NC MUST be a hotbed of finance activity, right? I'm sure kids from Wharton and Stern are dying to work there after they graduate

Do you really believe that just because a bunch of people have their savings accounts with PNC, that companies are going to flock to them to help underwrite IPO's and advise on M & A transactions? "Hey all of Western PA has their accounts with PNC so they must be the best company to get us the best value for our equity when we go public."

Addressing how much PNC pays people... uh were did you learn economics? They pay people what they think is necessary to have competitive wages and attract talent to expand their business.

Why you question he 5th largest bank's strategy for wages? Sounds like you applied there and were expecting Goldman Sachs-like compensation. Sorry, but not every large bank can pay out huge salaries to its employees without a care in the world, because not every large bank has as huge of an influence within the government and how they hand out bailout money as GS does.

Charlotte actually was one of the top 3-4 largest financial centers in the country as recent as a couple years ago. Things may be a bit different now, but it's still a big-time financial talent destination.

If you actually think PNC only has western PA accounts, then you were obviously unqualified to work there anyway. I have nothing to do with them, yet I know that they recently acquired a large share of the Baltimore-DC market, and bought National City which has a huge mid-western presence.

Would it hurt you to say one correct thing in your posts?

[NYCAnalyst]

Originally Posted by SewickleyPA

Addressing how much PNC pays people... uh were did you learn economics? They pay people what they think is necessary to have competitive wages and attract talent to expand their business.

Why you question he 5th largest bank's strategy for wages? Sounds like you applied there and were expecting Goldman Sachs-like compensation. Sorry, but not every large bank can pay out huge salaries to its employees without a care in the world, because not every large bank has as huge of an influence within the government and how they hand out bailout money as GS does.

Charlotte actually was one of the top 3-4 largest financial centers in the country as recent as a couple years ago. Things may be a bit different now, but it's still a big-time financial talent destination.

If you actually think PNC only has western PA accounts, then you were obviously unqualified to work there anyway. I have nothing to do with them, yet I know that they recently acquired a large share of the Baltimore-DC market, and bought National City which has a huge mid-western presence.

Would it hurt you to say one correct thing in your posts?

Graduating in 2008, PNC paid their front office analyst class ~$60K all-in. Every bank in NYC (and even Wachovia / Wells Fargo) was paying at least 40% more than that. As you move up the ladder, the disparity is greater. Even before the economy collapsed (pre-2007), PNC was paying below market wages, less than GS/MS/Citi/WFC/etc were paying.

PNC cannot afford to pay high compensation because they do not make as much profit as the other banks. Why are they getting killed on profit? They can't attract the top talent. Why can't they attract the top talent? They don't pay high compensation. Why can't they pay high compensation? They are getting killed on profit...etc

The big profit for banks comes from the I-Banking and S & T arms of the business, not opening up 5000 retail branches for little Johnny's mom down the street and charging $10 for an overdraft fee. PNC's I-banking and S & T divisions are extremely weak compared to most other banks in America. How do you think Goldman and Morgan Stanley return such huge profits, without having one retail branch in the world? Get a team of 5-6 I-bankers, bring a company public for $500 Million. Take a commission of 0.5%, and your team of 5-6 people just made $2.5MM. Not bad for a couple months of work. How many overdraft fees does PNC have to charge to get to that number? Goldman paid back the bailout money, so they can pay what they want to their employees.

You know that Bank of America is having a hard time selecting a new CEO because none of their candidates want to live in Charlotte?

PNC wants to be a big player, but if you look at graduating statistics at where the undergrad/MBA graduates of Harvard, Penn, etc are working after graduation, PNC is not high on the list at all.

[SewickleyPA]

Originally Posted by NYCAnalyst

You know that Bank of America is having a hard time selecting a new CEO because none of their candidates want to live in Charlotte?

PNC wants to be a big player, but if you look at graduating statistics at where the undergrad/MBA graduates of Harvard, Penn, etc are working after graduation, PNC is not high on the list at all.

Well, if this so called top talent doesn't even want to live in a booming sunbelt city that is known for being a financial center, then what's the point? Let's just move all of the top financial jobs to NYC since this is the only place people with MBA's from the ivy league can stand to live in.

You can go on all you want about it, but finance is just one of many industries in the world, so I think the rest of the country will be just fine.

Pittsburgh is trying to make itself into a big time energy leader, anyway. I don't think that anything PNC does is going to really matter in the long run.
So the Ivy grads can all stay packed like sardines in their overpriced NYC lofts until their hearts content.

[L7Plan9]

Originally Posted by Benzman66

Agreed! All the activity around here is centered on drinking, smoking, drugs, sex, rock and roll, Steelers, Pitt Panthers, and Penguins.

Just kidding, but really sometimes it seems that way.

I still like Lancaster, PA the best! Good old Amish country!

Yah, and here in Chicago the options are drinking, smoking, drugs, sex, rock and roll, Da Bears, The Cubbies (okay maybe the White Sox), The Bulls.

Now I have never resided in NYC but I'm sure you could revise the list for that metropolis too. Let's face it..this is America...that's all there is to do anywhere in the good old U.S of A. The teams change with location, but all and all, it's pretty much the same.

So stop blaming the city and start making your own damn fun!

[BrianTH]

It is true that I-banking is very different from the sort of commercial (retail, corporate, and private) banking that PNC largely focuses on. It is also true that jobs in I-banking can pay more than jobs in commercial banking (although if you adjust those jobs for hours worked and cost-of-living in the relevant cities, the difference may be less than the gross amounts would otherwise suggest outside of the highest-flying positions).

But what I find odd is the notion that PNC ever had any designs on becoming a major I-bank, let alone turning Pittsburgh in general into an I-banking center. PNC has always had a different focus, and it has ended up doing what it does pretty well. So you might as well be complaining about Caterpillar not making vehicles that compete with BMW and Ferrari when you are comparing PNC to Goldman Sachs--they are just different kinds of companies.

[TelecasterBlues]

Originally Posted by SewickleyPA

Umm, no one under 30 listens to FM radio anymore.

mmm...just to make a random comment, but I would just like to say that as a 24 year old male musician, XM radio has replaced FM completely for me over the past two years. Greatest thing that a music fan can invest in, comlpetely brought back the fun radio elements of "hmmm...I wonder what song will be on next?" and "wow, I've never heard of that before..awsome!!!". It's the type of classic radio experience that I had while growing up. I'm going to play thought-echo and say: "who needs FM when you have XM, CDs, and an IPOD".

[Tiger Beer]

Originally Posted by TelecasterBlues

mmm...just to make a random comment, but I would just like to say that as a 24 year old male musician, XM radio has replaced FM completely for me over the past two years. Greatest thing that a music fan can invest in, comlpetely brought back the fun radio elements of "hmmm...I wonder what song will be on next?" and "wow, I've never heard of that before..awsome!!!". It's the type of classic radio experience that I had while growing up. I'm going to play thought-echo and say: "who needs FM when you have XM, CDs, and an IPOD".

What is XM? First I've heard of it? Sounds like AM & FM, but guessing it is something different?