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PNC Monetary pronounces a brand new head of retail banking

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Karen Larrimer, the top of retail banking and chief buyer officer at PNC Monetary Companies Group, will retire on the finish of the yr, the Pittsburgh-based financial institution stated.

And on July 1, Larrimer will hand her retail banking duties over to Alex Overstrom, in keeping with the corporate.

Overstrom, who joined the $541 billion-asset financial institution in 2014 after eight years at Goldman Sachs, will report back to CEO Invoice Demchak and be a part of PNC’s government administration workforce, the corporate stated.

Alex Overstrom (left) will succeed Karen Larrimer (proper) on July 1 as PNC’s head of retail banking.

Overstrom, 38, has held a wide range of roles at PNC, together with head of service provider companies, head of aviation finance and chief working officer of the corporate’s company and institutional banking and asset administration division. In January, he was named PNC’s head of small enterprise and deputy head of retail banking.

Between November 2020 and October 2021, Overstrom performed a serious function in PNC’s most up-to-date acquisition, overseeing the combination of BBVA USA into PNC. The work included shifting 2.6 million prospects, 9,000 staff and practically 600 branches over to PNC’s techniques.

Overstrom’s function as head of small enterprise can be stuffed by Marc McAndrew, co-head of PNC Actual Property inside the firm’s company and institutional banking enterprise, an organization spokesperson stated Tuesday in an e mail.

Larrimer, 59, has been a mainstay on American Banker’s Most Highly effective Ladies in Banking record since 2015. Final yr, together with her assist, the corporate launched Low Money Mode, a product that alerts prospects once they have a low stability and thus helps them keep away from overdraft charges.

Larrimer, who joined PNC in 1995 and has led the corporate’s retail banking enterprise since 2016, has additionally performed a key function within the firm’s department and digital expansions and several other acquisition-related rebranding efforts. As PNC’s first chief buyer officer, she led the institution of the Workplace of the Buyer to assist enhance buyer expertise, the corporate stated in a press launch.

Larrimer “is an distinctive government and banker whose steerage and insights have benefitted the financial institution and our prospects in some ways,” Demchak stated within the launch. “She has performed an instrumental function in PNC’s progress, and she or he has pushed key initiatives that had been squarely centered on enhancing PNC’s retail choices and our prospects’ satisfaction.”

Larrimer, who’s one in every of 13 members of PNC’s government administration workforce, will stay the financial institution’s chief buyer officer by December, the corporate stated.

Michelle Neidhardt, who presently serves because the director of buyer expertise, will take over as chief buyer officer on Jan. 1, 2023, the PNC spokesperson stated.  In her new function, Neidhardt will report back to Overstrom.

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