Parsley joins PNC

William Parsley - former head of the global books trading group and co-head of North American interest rates trading group at JP Morgan Chase – has joined the PNC Financial Services Group as treasurer and chief investment officer.

Pittsburgh-based PNC’s chief executive, James Rohr, said Parsley’s risk analytics expertise was a particularly important factor. According to Rohr, Parsley will help PNC to enhance its balance sheet and interest rate risk management – an endeavour that Rohr described as “a key strategic initiative".

Parsley – who joined PNC in December - will report to William Demchak, chief financial officer. The two were once colleagues at JP Morgan Chase. Before joining PNC in August 2002, Demchak was global head of structured finance and credit portfolio at the US bank.

Based in Pennsylvania, PNC is one of the largest financial services organisations in the US. In addition to its corporate and community banking enterprises, it is the majority owner of New York-based BlackRock - an investment manager and risk management specialist firm with around $290 billion worth of assets under management.BlackRock was Risk Magazine's Asset Management Risk Manager of the Year, 2001.