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Dare not utter or reference "cross-selling" at PNC

Published 11/07/2016, 03:23 PM
Dare not utter or reference "cross-selling" at PNC
WFC
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PNC
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  • In the wake of the Wells Fargo (NYSE:WFC) account opening scandal, PNC Financial (PNC +1.6%) has removed multiple references to cross-selling in its Q3 quarterly report, writes Rachel Louse Ensign in the WSJ.
  • Case in point: In the Q2 10-Q, the bank was "focused on growing customer share of wallet” through the sale of a wide range of products. That phrase has been replaced in the Q3 version with "focused on meeting the financial needs of our customers” through a variety of products.
  • "The public's understanding of the phrase has changed," says a bank spokesman. Indeed.
  • Though maybe not as loud at about it as Wells Fargo, PNC in the past has touted its cross-selling prowess, including the use of data-mining leads to target customers.
  • Incentives: Branch employees do get bonuses for cross-selling, but aren't held to quotas, and the full bonus is received only if the account is used.

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