Like its peers, PNC Bank has stepped up investments in technology over the last few years. But Charlotte McLaughlin feels the bank can move faster in the capital markets group she leads.
So, in 2021, she greenlighted an internal forum that enables staff in PNC capital markets to evaluate and bring innovative products more quickly to market — and compete more effectively with fintechs, said McLaughlin, head of PNC's capital markets group since 2015. She is responsible for all aspects of the unit, including sales, product strategy and risk management. The capital markets group covers a range of businesses, including teams that oversee sales and trading, investment banking and relationship management. Given that, McLaughlin sets the strategy for what is likely the most diverse business line within PNC.
The capital markets team is now pursuing a variety of initiatives for PNC clients. "These solutions range from simple yet profound changes to the client experience for existing processes, to brand new, advisory-oriented platforms that will change the way customers engage with PNC capital markets," McLaughlin said, declining to share additional details.
McLaughlin's team has been busy in other areas, too, helping community banks issue their first debt focused on environmental, social and governance.
She also has worked over the last year to integrate the capital markets team of BBVA USA, a bank acquired by Pittsburgh-based PNC last year. The acquisition adds more than 2,000 new capital markets clients for PNC Capital Markets, which brought in revenue of $710 million last year, up 9% over 2020.
"We expect capital markets to be an even greater driver of growth for PNC as we bring former BBVA USA clients up to speed with our products and services," she said.
Besides capital markets, McLaughlin also oversees risk management related to all market-based activities within PNC's corporate and institutional bank.
Mentoring is another priority for McLaughlin. For instance, after serving for several years on the board of the Schreyer Honors College of Penn State University and earning Penn State's 2021 Distinguished Alumni Award, she has gotten involved with the Society of Distinguished Alumni Mentoring Program. The initiative matches Schreyer Scholars with Penn State Distinguished Alumni, who provide students with guidance on achieving career goals and networking.
Within PNC, McLaughlin has also established a three-tiered mentorship model, offering mentors for early-career, mid-level and senior professionals.
"We believe strongly that junior talent is the future of our business, and we are focused on ensuring they have a great, supportive experience," she said. "Multilevel mentoring is vital to their development and success."
