PNC appoints new head of retail banking

Diving brief:

  • Karen Larrimer, chief client officer of PNC and head of retail banking, will retire after 27 years with the company, the Pittsburgh-based bank announced last week.
  • Larrimer, who will remain the bank’s chief client officer until 2022, will step down on July 1 and be replaced by Alex Overstrom, PNC’s current head of small businesses and deputy head of retail banking, the bank said.
  • Overstrom, who has worked for the $541 billion asset bank for nearly eight years, will report directly to PNC Chairman and CEO Bill Demchak, PNC said.

Overview of the dive:

“I am personally grateful to Karen for her leadership during my tenure as CEO,” Demchak said in a statement. “She is an outstanding leader and banker whose advice and insights have benefited the bank and our clients in so many ways.”

As head of PNC’s retail division, Larrimer led the bank’s digital expansion, which included the establishment of its “solution centers” in expanding markets. The initiative, which has been dubbed a light branch model, was rolled out in 2018 with the goal of providing customers with the ability to interact with PNC’s technology, such as video banking, in addition to staff.

Larrimer also spearheaded the launch of the “little money fashion” last year, the bank said.

The feature alerts customers when their balance is low and gives them 24 hours of “extra time” to prevent or process overdrafts before fees are charged.

As PNC’s first Chief Customer Officer, Larrimer led several efforts to improve the bank’s customer experience, such as the creation of the Customer Desk.

Larrimer also led the rollout of an analytical measurement tool to gauge employee and customer satisfaction, PNC said.

Overstrom will take the top role in retail banking after serving as head of merchant services, chief operating officer of corporate and institutional banking and asset management and head of aviation finance, said indicated the bank.

Following the bank’s $11.6 billion acquisition of the US arm of BBVA, Overstrom led the integration and conversion of BBVA USA.

This integration involved converting 2.6 million customers, 9,000 employees and nearly 600 branches to PNC’s systems in less than a year, PNC said.

Prior to joining PNC in 2014, Overstrom worked in strategy and investment banking at Goldman Sachs.

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