Roth Ryan Hayes conducted the review. Interpublic Group of Cos.’ Deutsch, New York, which had held the account since 2009, originally said it declined to defend the account. But following this story's publication, PNC denied that Deutsch declined to pitch. The agency later clarified that it made a pitch to defend the account but that “it became clear there was no path forward” and PNC “asked us not to defend.”
The review came less than a year after PNC Bank restructured its communications function to include marketing, all under the purview of Rosseter. The company’s previous executive VP and CMO, David Thuma, retired in late 2022.
“We’re grateful for all the successes and amazing work we’ve accomplished together,” Deutsch NY said in a statement to Ad Age. “The financial sector is full of new, exciting opportunities that we have been unable to pursue while working with PNC and now we’re moving full speed ahead.”
The move comes amid a changing banking landscape, punctuated by the collapse of Silicon Valley Bank, Signature Bank and Silvergate Bank. So far this year, PNC Bank has shuttered 173 branches across the country with another 30 locations expected to close by the end of July, according to the Pittsburgh Business Times.
Experts say the closures are a response to customers' growing preference for banking online. In its latest earnings report for 2023, PNC reported a net income of $1.7 billion, a 9% increase year over year, and saw a $1.3 billion increase in deposits.