This summer I interned at PNC bank’s Corporate and Investment Banking(C&IB) Division, in the Corporate Finance department as a Junior Relationships Manager (RM). My department lends credit to and deploys PNC’s tools and services in large corporations with annual revenues of $500MM and higher. PNC was named the Middle Market Investment Bank of the year by Investment Digest in 2008, was ranked amongst the “Most Admired Companies” in Fortune 2006 and PNC now is the number one lead arranger of market syndicated loans in the North East..
As an intern and Jr. RM, I spent a lot of time prospecting new clients. What that meant is I would review the 10-Ks, 10-Qs and credit ratings of customers that PNC would like to do business with and rate them based on their credit worthiness, liquidity, outstanding debt and overall risk profile. PNC has very stringent lending standards and its this risk averseness that has led PNC to book a 20% Net Income growth in 2Q08 compared with Net Income a year ago, while other banks and financial institutions are booking subprime related losses. My team and manager encouraged me to meet with other departments and locational teams of PNC. I went to Pittsburgh and Philadelphia locations of PNC C&IB and met with other businesses like Treasury Management, Capital Markets, Business Credit, Credit Policy, Asset Backed Securitization, Loan Syndications etc. My other job functions included, sitting on prescreen meetings (to screen new or existing clients), learning about PNC’s portfolio of clients, tools and services, developing a Formalized and Business Independant Client Acquisition strategy and developing a mechanism to get any RM’s portfolio breakdown by location, clients and facilities.
Thankfully within 6 weeks of my being with PNC I was offered a full time position within the C&IB. I am looking forward to the remaining weeks in PNC and am equally eager to go back to State College and to the blessed life of a second year MBA. A word of advice to the incoming class, if you are interested in Corporate Finance or in PNC, please give your 100% to Dr. Muscarella’s and Dr. Fisher’s classes. All the concepts taught in those classes come back to you while interning.
-Amishi Patel
MBA Class of 2009