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For the US’s best bank award this year, Euromoney chose PNC Financial Services in recognition not only of another excellent year for the bank but also for its patient development since Bill Demchak took over as chief executive in 2013.
Earlier technology investments have served the bank well, particularly as the Covid-19 crisis struck the US economy in early 2020, and its approach of building far beyond its regional roots into what is now a national franchise has given it an excellent platform for further development, a platform further bolstered by its timely exit from BlackRock.
“It has been a patient build,” the magazine observed, “and Demchak makes no excuses for that. Revenues and profits have risen by about 17% over five years. But last year’s $17.8 billion revenue was a record for the firm, while the 4% increase was better than many peers.”
RBC Capital Markets is a regular winner of our award for Canada’s best investment bank and secures the accolade again this year. But parent group Royal Bank of Canada also adds the title of Canada’s best bank to its tally for the first time since 2004.
The bank has shown consistently strong performance across all its business lines, dominating most areas of investment banking but also using its US wealth franchise to good effect. The result was two record quarters of earnings in what was a banner year overall.
“Perhaps the clearest testament to the strength of RBC’s underlying franchises and how well it managed to retain business through the pandemic came in its second-quarter 2020 results – a period that vividly shows the momentum the bank had as it headed into the crisis” said Euromoney.
For the US’s best investment bank, Euromoney chose Goldman Sachs, which has shown that it can maintain its outstanding performance in all areas of advisory and capital markets, even while the firm seeks to build a consumer offering.
Morgan Stanley is always a formidable rival, and this year it secures the title of North America’s best bank for financing on the back of a roster of impressive deals that illustrated the breadth of its franchise, while its efforts in sustainability also meant it added the title of the region’s best bank for sustainable finance.
Another regional success that has been built on years of hard work was JPMorgan’s award as North America’s best bank for advisory.
Bank of America once again displayed its prowess at helping consumers and businesses conduct their day-to-day operations – more important than ever in a time of pandemic disruption. The bank took awards for North America’s best bank for transaction services, SMEs and the region’s best digital bank.
We named Citi as North America’s best bank for corporate responsibility in recognition of the way the bank has elevated the entire responsible banking agenda, while UBS deployed its ‘three Ls’ – liquidity, longevity and legacy – with great aplomb to secure the title of the region’s best bank for wealth management.
About the Awards for Excellence
To access the results, contact Austin Ou Yang at +44 (0) 20 7779 8531 or austin.ouyang@euromoneyplc.com, or subscribe online.
