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79-671: BlackRock is a global investment management firm. Black Rock , Blackrock , Black Rocks , etc. may also refer to: (sorted by state) BlackRock BlackRock, Inc. is an American multinational investment company . Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager , BlackRock is the world's largest asset manager, with US$ 11.5   trillion in assets under management as of December 31, 2023 . Headquartered in New York City , BlackRock has 70 offices in 30 countries, and clients in 100 countries. BlackRock

158-622: A Fintech incubator subsidiary called "numo" that functions as an internal startup. Its first development included indi, an instant payment and mobile banking company for gig workers. In May 2020, the company sold its stake in BlackRock . On June 1, 2021, PNC acquired BBVA USA for $ 11.6 billion in cash. The acquisition significantly boosted its presence in Colorado and Texas, complemented its presence in Alabama and Florida, and introduced

237-451: A " COVID agenda". "Common ownership" is when competitors within a market are commonly owned. In other words, these competitors can have the same powerful shareholders if their shares trade publicly. Common ownership has the potential to cause harm because it reduces market competition, which can be bad for consumers and the economy. In response to a widely cited research paper that showed that common ownership raises prices, BlackRock issued

316-534: A "false voting choice" since almost all of the pre-selected voting policies are devised by the ESG-aligned proxy advisories Glass Lewis and Institutional Shareholder Services . GreenFaith activists protest BlackRock's shareholder meeting on May 31, 2022. Activists including director Fletcher Harper were arrested. As of December 2018, BlackRock was the world's largest investor in coal-fired power stations , holding shares worth $ 11 billion in 56 companies in

395-431: A 426 branches in southern Virginia , North Carolina , South Carolina , Georgia , Alabama , and Florida . Prior to the acquisition, PNC had slipped (due to mergers and growth in other firms) from its ranking following the 2008 National acquisition; this 2012 acquisition made PNC the fifth largest bank by branches behind Wells Fargo , Bank of America , Chase , and U.S. Bank and the sixth largest by total assets behind

474-638: A Spot Bitcoin Exchange-Traded Fund (ETF), and in November 2023 it filed another application for a Spot Ethereum ETF. The spot bitcoin ETF filing and 10 others were approved on January 10, 2024. On January 19, 2024, the iShares Bitcoin Trust ETF (IBIT) was the first spot bitcoin ETF to reach $ 1 billion in volume. In July 2023, the company appointed Amin H. Nasser to its board. Nasser,

553-504: A decision he later called a "heroic mistake." In June 1994, Blackstone sold a mortgage-securities unit with $ 23 billion in assets to PNC Financial Services for $ 240 million. The unit had traded mortgages and other fixed-income assets, and during the sales process the unit changed its name from Blackstone Financial Management to BlackRock Financial Management. Schwarzman remained with Blackstone, while Fink became chairman and CEO of BlackRock. On October 1, 1999, BlackRock became

632-447: A firm devoted to risk management. Peterson called it Blackstone Financial Management. In exchange for a 50% stake in the bond business, Blackstone initially gave Fink and his team a $ 5 million credit line. Within months, the business had turned profitable, and by 1989 the group's assets had quadrupled to $ 2.7 billion. The percent of the stake owned by Blackstone also fell to 40%, compared to Fink's staff. By 1992, Blackstone had

711-441: A key goal for investment decisions. BlackRock announced that it would sell $ 500 million worth of coal-related assets, and created funds that would not invest in companies profiting from fossil fuels . Nonetheless, BlackRock's support for shareholder resolutions requesting climate risk disclosure fell from 25% in 2019 to 14% in 2020. BlackRock has also been criticized regarding climate change inaction and deforestation in

790-556: A public company, selling shares at $ 14 each via an initial public offering on the New York Stock Exchange . By the end of 1999, BlackRock was managing $ 165 billion in assets. BlackRock grew both organically and by acquisition. In 2000, under the direction of Charles Hallac , BlackRock launched BlackRock Solutions, its analytics and risk management division. The division grew from the Aladdin System ,

869-676: A risk management perspective. Fink, Kapito, Golub and Novick had worked together at First Boston , where Fink and his team were pioneers in the mortgage-backed securities market in the United States. During Fink's tenure, he had lost $ 90 million as head of First Boston. That experience was the motivation to develop what he and the others considered to be excellent risk management and fiduciary practices. Initially, Fink sought funding (for initial operating capital) from Peter Peterson of The Blackstone Group who believed in Fink's vision of

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948-583: A role for the company in the reconstruction of Ukraine. This was after BlackRock CEO Larry Fink and Zelensky met over a video conference in September, 2022. In April 2023, the company was hired to sell $ 114 billion in assets of Signature Bank and Silicon Valley Bank after the 2023 United States banking crisis . In June 2023, BlackRock filed an application with the United States Securities and Exchange Commission (SEC) to launch

1027-534: A six-month review led by Mark Wiseman , initiated a restructuring of its $ 8 billion actively-managed fund business, resulting in the departure of seven portfolio managers and a $ 25 million charge in the second quarter, replacing certain funds with quantitative investment strategies. By April 2017, iShares business accounted for $ 1.41 trillion, or 26%, of BlackRock's total assets under management, and 37% of BlackRock's base fee income. Also in April 2017, BlackRock backed

1106-594: A stake equating to about 36% of the company, and Stephen A. Schwarzman and Fink were considering selling shares to the public. The firm adopted the name BlackRock, and was managing $ 17 billion in assets by the end of the year. At the end of 1994, BlackRock was managing $ 53 billion. In 1994, Schwarzman and Fink had an internal dispute over methods of compensation and equity. Fink wanted to share equity with new hires, to lure talent from banks, unlike Schwarzman, who did not want to further lower Blackstone's stake. They agreed to part ways, and Schwarzman sold BlackRock,

1185-476: A very good pandemic" and was casting "itself as socially responsible while contributing to the climate catastrophe, evading regulatory scrutiny, and angling to influence [a potential] Biden administration ." The Financial Times described BlackRock as having secured a prominent advisory role in the Fed's post-COVID asset purchase program , prompting concerns over whether BlackRock would use its influence to encourage

1264-648: A white paper calling the mechanism "vague and implausible". At the same time, the research’s findings was listed as a "risk" in BlackRock's annual report. Common ownership can also lead to higher pay for CEOs, even as competition between the firms is reduced. In 2017, BlackRock expanded its environmental, social and corporate governance (ESG) projects with new staff and products. BlackRock started drawing attention to environmental and diversity issues by means of official letters to CEOs and shareholder votes together with activist investors or investor networks such as

1343-405: Is one of the largest Small Business Administration lenders and one of the largest credit card issuers. It also provides asset–based lending to private equity firms and middle market companies . PNC operates one of the largest treasury management businesses and the second largest lead arranger of asset–based loan syndications in the United States. Harris Williams & Co. , a subsidiary of

1422-633: Is owned by institutional investors. The 10 largest shareholders, as of June 30, 2024, are listed in the following table: Due to its power and the sheer size and scope of its financial assets and activities, BlackRock has been called the world's largest shadow bank by The Economist and Basler Zeitung . In 2020, U.S. Representatives Katie Porter and Jesús "Chuy" García proposed a U.S. House bill aiming to restrain BlackRock and other shadow banks. On March 4, 2021, U.S. Senator Elizabeth Warren suggested that BlackRock should be designated " too big to fail " and regulated accordingly. BlackRock invests

1501-458: Is the "biggest driver of climate destruction on the planet", in part due to its opposition to fossil fuel divestment . In 2019, climate activists carried out street theatre and glued themselves to the door of the company's London offices. On January 10, 2020, a group of climate activists rushed inside the Paris offices of BlackRock France, painting walls and floors with warnings and accusations on

1580-471: Is the manager of the iShares group of exchange-traded funds , and along with The Vanguard Group and State Street , it is considered to be one of the Big Three index fund managers. Its Aladdin software keeps track of investment portfolios for many major financial institutions and its BlackRock Solutions division provides financial risk management services. As of 2023, BlackRock was ranked 229th on

1659-530: The Fortune 500 list of the largest United States corporations by revenue. BlackRock has sought to position itself as an industry leader in environmental, social, and governance (ESG) considerations in investments. The U.S. states of West Virginia , Florida , and Louisiana have divested money away from or refuse to do business with the firm because of its ESG policies. BlackRock has been criticized for investing in companies that are involved in fossil fuels ,

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1738-717: The 2007–2008 financial crisis , the National City acquisition by PNC for $ 5.2 billion in stock was completed. The acquisition was financed with preferred stock sold to the United States Treasury as part of the Troubled Asset Relief Program implemented as part of the Emergency Economic Stabilization Act of 2008 . The stock issued to the U.S. Treasury was repurchased in 2010. PNC then became

1817-620: The Amazon rainforest . According to The New Republic , BlackRock "has positioned itself as the good guy on Wall Street , and its executives as a crew of mild-mannered money managers who understand the risks of the climate crisis and the importance of diversity. But those commitments, critics say, only extend so far into the firm's day-to-day operations." According to IESE , BlackRock has indeed influenced polluting companies to lower their carbon emissions. The study showed that companies who met with BlackRock’s CEO Joshua Fink had lower CO2 emissions

1896-508: The Carbon Disclosure Project , which in 2017 backed a shareholder resolution for ExxonMobil to act on climate change . In 2018, it asked Russell 1000 companies to improve gender diversity on their board of directors if they had fewer than two women on them. In August 2021, a former BlackRock executive who had served as the company's first global chief investment officer for sustainable investing, said he thought

1975-487: The Fair Labor Standards Act . According to a lawsuit, funds entrusted to National Prearranged Services (NPS), a St. Louis–based company that sold prepaid funerals, were diverted and embezzled. PNC Bank is the successor to Allegiant Bank, which served as a trustee for NPS from 1998 to 2004. In 2015, a jury ordered PNC to pay $ 391 million. In 2017, a federal judge overturned the decision. In 2015, PNC

2054-415: The annual general meeting , fasting, and boycotts. On Mar 2, 2023, Donald Trump Jr. , cofounder of news aggregator MxM News, tweeted that PNC had abruptly cancelled all financial services for MxM without explanation. Trump and cofounder Taylor Budowich alleged that PNC disapproved of Trump’s political leanings since no reason was given for the closure. PNC claimed it was a “good faith error” and reopened

2133-662: The arms industry , the People's Liberation Army and human rights violations in China . The company has also faced criticism for its close ties with the Federal Reserve during the COVID-19 pandemic . BlackRock was founded in 1988 by Larry Fink , Robert S. Kapito , Susan Wagner , Barbara Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson to provide institutional clients with asset management services from

2212-532: The chief financial officer of Florida , announced that the government of Florida would be divesting $ 2 billion worth of investments under management by BlackRock due to the firm's move to strengthen ESG standards and ESG policies. BlackRock later responded to the announcement with a statement stating that the divestment would place politics over investor interest. In August 2021, BlackRock set up its first mutual fund in China after raising over one billion dollars from 111,000 Chinese investors. BlackRock became

2291-567: The "world's biggest asset manager". At the end of 2014, the Sovereign Wealth Fund Institute reported that 65% of Blackrock's assets under management were made up of institutional investors . By June 30, 2015, BlackRock had US$ 4.721 trillion of assets under management. On August 26, 2015, BlackRock entered into a definitive agreement to acquire FutureAdvisor , a digital wealth management provider with reported assets under management of $ 600 million. Under

2370-616: The $ 30 billion dollar merger of Midlantic Bank of Edison New Jersey in 1996, that at the time, was one-third the size of PNC. That broadened its market base from Kentucky to the New York metropolitan area . Since 1984, PNC has compiled the Christmas Price Index , a humorous economic indicator which estimates the prices of the items found in the song " The Twelve Days of Christmas ". In 1998, PNC acquired Hilliard Lyons for $ 275 million in cash and stock. Hilliard Lyons

2449-420: The 1930s – to form Peoples First National Bank & Trust . In 1959, Peoples First merged with Fidelity Trust Company to form Pittsburgh National Bank . At this time, the bank adopted the first version of its present logo – a stylized triangle representing the city's Golden Triangle . In 1969, the bank reorganized as a holding company, Pittsburgh National Corporation. Another branch of

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2528-622: The 5th largest bank in the United States by deposit and fourth largest by branches. On August 14, 2009, PNC took over Dwelling House Savings & Loan and its only branch location in Pittsburgh's Hill District after Dwelling House failed and was placed in receivership by the Federal Deposit Insurance Corporation (FDIC). Dwelling House had been known in Pittsburgh to provide loans to low–income African Americans that other banks would deny. The branch

2607-534: The Chief Executive Officer of Saudi Aramco, the worlds largest oil company, will fill Blackrock's board vacancy left by Bader Alsaad in 2024. In August 2023, BlackRock signed an agreement with New Zealand to establish a NZ$ 2 billion investment fund for solar, wind, green hydrogen , battery storage, and EV charging projects as part of its goal of reaching 100% renewable energy by 2030. In January 2024, BlackRock announced that it would acquire

2686-691: The Chinese Communist Party initiated an investigation into the firm's investments in Chinese companies accused of violating human rights and aiding the People's Liberation Army . The committee concluded that BlackRock channeled $ 1.9 billion into blacklisted entities in 2023. BlackRock was scrutinized for allegedly taking advantage of its close ties with the Federal Reserve during the COVID-19 pandemic response efforts. In June 2020, The New Republic wrote that BlackRock "was having

2765-616: The Chinese government. In December 2021, it was reported that BlackRock was an investor in two companies that had been blacklisted by the US government accusing China of human rights abuses against the Uyghurs in Xinjiang. In one case ( Hikvision ) BlackRock increased its level of investment after the company's blacklisting. In August 2023, the US House of Representatives' Select Committee on

2844-471: The Fed to purchase BlackRock products; during the Fed's 2020 quantitative easing program, BlackRock's corporate bond ETF received $ 4.3 billion in new investment, compared to the respective $ 33 million and $ 15 million received by BlackRock's competitors Vanguard Group and State Street . On May 26, 2020, the contract was released publicly. The New York Times wrote about the contract that BlackRock "will earn no more than $ 7.75 million per year for

2923-600: The Secondary Market Corporate Credit Facility (SMCCF), as well as purchase by the Federal Reserve of commercial mortgage-backed securities (CMBS) guaranteed by Government National Mortgage Association , Fannie Mae , or Freddie Mac . In August 2020, BlackRock received approval from the China Securities Regulatory Commission to set up a mutual fund business in the country. This made BlackRock

3002-561: The U.S and the second–largest full–service accounting and administration provider to U.S. mutual funds. GIS serviced $ 1.9 trillion in total assets and 58 million shareholder accounts. It was known as PFPC until July 2008. In January 2011, PNC acquired BankAtlantic's Tampa Bay Area branches. In December 2011, PNC acquired 27 branches in the northern Atlanta suburbs with $ 240 million in deposits and $ 42 million in book value from Flagstar Bank . In 2012, PNC acquired RBC Bank from Royal Bank of Canada for $ 3.45 billion. RBC Bank had

3081-502: The aforementioned four banks and Citibank . On July 30, 2012, PNC announced plans to put ATMs in 138 Harris Teeter grocery stores in the Carolinas , plus 53 other stores. In September 2014, PNC acquired Solebury Capital Group, a capital markets advisory firm, for $ 50 million. On October 2, 2015, the bank opened Tower at PNC Plaza , its new headquarters on the corner of Fifth Avenue and Wood Street in downtown Pittsburgh . It

3160-534: The asset manager was using its heft and influence to support a politically correct or progressive agenda." Fink said the practice of ESG "is not woke ". BlackRock's emphasis on ESG has drawn criticism as "either bowing to anti-business interests" or being "merely marketing". In a talk at the Aspen Ideas Festival in June 2023, BlackRock CEO Larry Fink said he has stopped using the term "ESG" because

3239-662: The bank had charged Black and Hispanic borrowers higher prices for mortgages between 2002 and 2008, before the acquisition by PNC. Regulators claimed that National City had violated the Fair Housing Act and Equal Credit Opportunity Act by charging more than 75,000 borrowers higher loan rates based on their race or ethnicity rather than their risk level. National City's lack of pricing guidelines resulted in black borrowers being charged an average of $ 159 more in extra upfront fees or higher interest than white borrowers. Black borrowers also paid an average of $ 228 more annually over

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3318-626: The bank to the Arizona , California , and New Mexico markets. In 2021, PNC originated nearly 95,000 mortgages worth $ 34.8 billion. This is a 23% increase vs prior year and stands as their highest origination volume to date. In December 2013, the Department of Justice and the Consumer Financial Protection Bureau announced that they had reached an agreement with National City Bank to resolve allegations that

3397-832: The company acquired Fortis Advisors, which provides post–merger shareholder services. The company ranked one hundred sixty fifth on the 2018 Fortune 500 list of the largest United States corporations by revenue. In 2018, PNC began opening "Solution Centers", a hybrid between traditional bank branches and ATM–only services, mostly serving new markets. Through this method, PNC expanded its retail footprint into Boston , Denver , Kansas City , Nashville , and several markets in Texas including Austin , Dallas , Houston , and San Antonio . Two of PNC's "Big Four" competitors, Bank of America and Chase Bank , have both also been expanding into new markets through this method, including into PNC's home market of Pittsburgh. In August 2019, PNC launched

3476-467: The company, is one of the country's largest mergers and acquisitions advisory firms for middle-market companies . Midland Loan Services, a division of PNC Real Estate based in Overland Park, Kansas and founded in 1991, is ranked by Mortgage Bankers Association as the second largest master and primary servicer of commercial bank and savings institution loans. The name "PNC" is derived from

3555-552: The context of claims from US Republicans that Blackrock is systematically trying to push a 'woke agenda' through its pro-ESG activities. Under the plan, investors in BlackRock's iShares Core S&P 500 ETF will be asked to make choices from seven different general policies ranging from voting generally with BlackRock's management, to environmental, social and governance factors or prioritizing Catholic values. Investors will not be able to vote on specific companies. The Editorial Board at The Wall Street Journal argued that it amounted to

3634-608: The current bank, the Philadelphia –based Provident National Corporation, dates back to 1865. In 1982, Pittsburgh National Corporation and Provident National Corporation, both with PNC as their abbreviations, merged into a new entity named PNC Financial Corporation . It was the largest bank merger in American history at the time and created a company with $ 10.3 billion in assets. Between 1991 and 1996, PNC purchased more than ten smaller banks and financial institutions, including

3713-653: The deal, FutureAdvisor would operate as a business within BlackRock Solutions (BRS). BlackRock announced in November 2015 that they would wind down the BlackRock Global Ascent hedge fund after losses. The Global Ascent fund had been its only dedicated global macro fund, as BlackRock was "better known for its mutual funds and exchange traded funds." At the time, BlackRock managed $ 51 billion in hedge funds, with $ 20 billion of that in funds of hedge funds. In March 2017, BlackRock, after

3792-446: The diversity of their boards of directors, and other metrics. The editorial board opined that "ESG mandates, which also carry substantial litigation and reputation risks, will cause many companies to shun public markets. This would hurt stock exchanges and asset managers, but most of all retail investors." In January 2022, BlackRock founder and CEO Larry Fink defended the company's focus on ESG investing, pushing back "against accusations

3871-516: The eighth largest bank in the United States by deposits. On October 26, 2007, PNC acquired Yardville National Bancorp, a small commercial bank centered in central New Jersey and eastern Pennsylvania. On September 15, 2007, PNC Bank acquired Citizens National Bank of Laurel, Maryland . On April 4, 2008, PNC acquired Sterling Financial Corporation, a commercial and consumer bank with accounts and branches in central Pennsylvania, northeastern Maryland and Delaware. On October 24, 2008, during

3950-566: The enterprise investment system, Green Package, the Risk Reporting Service, PAG (portfolio analytics), and AnSer, the interactive analytics. In August 2004, BlackRock made its first major acquisition, buying State Street Research & Management's holding company SSRM Holdings, Inc. from MetLife for $ 325 million in cash and $ 50 million in stock. The acquisition increased BlackRock's assets under management from $ 314 billion to $ 325 billion. The deal included

4029-544: The financial crisis, Barclays sold its Barclays Global Investors (BGI) unit, which included its exchange traded fund business, iShares , to BlackRock for US$ 13.5 billion and Barclays acquired a near-20% stake in BlackRock. On April 1, 2011, BlackRock was added as a component of the S&;P 500 stock market index . In 2013, Fortune listed BlackRock on its annual list of the world's 50 Most Admired Companies. In 2014, BlackRock's $ 4 trillion under management made it

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4108-616: The financial markets. In 2021, BlackRock managed over $ 10 trillion in assets under management, about 40% of the GDP of the United States (nominal $ 25.347 trillion in 2022). The Norwegian sovereign wealth fund , which held over 5% of BlackRock from 2014 to 2016, has now significantly reduced its stake to less than 2%. In March 2018, PNC was BlackRock's largest shareholder with 25% of all shares, but announced in May 2020 that it intended to sell all shares worth $ 17 billion. Over 80% of BlackRock

4187-532: The firm's ESG investing was a "dangerous placebo that harms the public interest." The former executive said that financial institutions are motivated to engage in ESG investing because ESG products have higher fees, which in turn increase company profits. In October 2021, The Wall Street Journal editorial board wrote that BlackRock was pushing the U.S. Securities and Exchange Commission to adopt rules requiring private companies to publicly disclose their climate impact,

4266-403: The first bank in the country to apply for a national charter as part of that year's National Banking Act . It received the 48th charter on August 5, 1863, with other later banks receiving charters sooner due to paperwork problems and the fact that the bank was already in business. In 1946, First National merged with Peoples-Pittsburgh Trust Company – with whom it had worked closely since

4345-542: The first foreign-owned company allowed by the Chinese government to operate a wholly-owned business in China's mutual fund industry. Writing in The Wall Street Journal , George Soros described BlackRock's initiative in China as a "tragic mistake" that would "damage the national security interests of the U.S. and other democracies." In October 2021, non-profit group Consumers' Research launched an ad campaign criticizing BlackRock's relationship with

4424-537: The first global asset manager to get consent from the Chinese government to start operations in the country. In November 2021, Blackrock lowered its investment in India while increasing investment in China. The firm maintains a dedicated India Fund, through which it invests in Indian start-ups Byju's , Paytm , and Pine Labs . On December 28, 2022, it was announced that BlackRock and Volodymyr Zelensky had coordinated

4503-689: The first week. On July 15, 2024, BlackRock removed from circulation an advertisement filmed in 2022 that briefly featured Thomas Matthew Crooks , the gunman in the attempted assassination of Donald Trump . The firm expanded its headquarters at 50 Hudson Yards in mid-2024. In 2020, the non-profit American Economic Liberties Project issued a report highlighting the fact that "the 'Big Three' asset management firms – BlackRock, Vanguard and State Street – manage over $ 15 trillion in combined global assets under management, an amount equivalent to more than three-quarters of U.S. gross domestic product." The report called for structural reforms and better regulation of

4582-524: The following year. In May 2018, anti-gun protesters held a demonstration outside the company's annual general meeting in Manhattan. After discussions with firearms manufacturers and distributors, on April 5, 2018, BlackRock introduced two new exchange-traded funds (ETFs) that exclude stocks of gun makers and large gun retailers such as Walmart , Dick's Sporting Goods , Kroger , Sturm Ruger , American Outdoor Brands , and Vista Outdoor , and removed

4661-562: The funds of its clients (for example, the owners of iShares exchange-traded fund units) in numerous publicly traded companies, some of which compete with each other. Because of the size of BlackRock's funds, the company is among the top shareholders of many companies. BlackRock states these shares are ultimately owned by the company's clients, not by BlackRock itself—a view shared by multiple independent academics—but acknowledges it can exercise shareholder votes on behalf of these clients, in many cases without client input. BlackRock has been

4740-467: The inclusion of mainland Chinese shares in MSCI's global index for the first time. In January 2020, PNC Financial Services sold its stake in BlackRock for $ 14.4 billion. In March 2020, the Federal Reserve chose BlackRock to manage two corporate bond-buying programs in response to the COVID-19 pandemic . This also included the $ 500 billion Primary Market Corporate Credit Facility (PMCCF) and

4819-473: The industry. BlackRock owned more oil, gas, and thermal coal reserves than any other investment management company with total reserves amounting to 9.5 gigatonnes of CO 2 emissions or 30% of total energy-related emissions from 2017. Environmental groups including the Sierra Club , as well as Amazon Watch , launched a campaign in September 2018 called "BlackRock's Big Problem", claiming that BlackRock

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4898-529: The initials of both of the bank's two predecessor companies: Pittsburgh National Corporation and Provident National Corporation , which merged in 1983. PNC Mortgage (formerly National City Mortgage) is credited with funding the first mortgage in the United States and has offices across the country. PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company which

4977-562: The investment fund Global Infrastructure Partners for $ 12.5 billion. BlackRock agreed to pay $ 3 billion in cash and 12 million of its own shares as part of the deal to buy GIP. In March 2024, BlackRock launched their first tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on Ethereum , which represents investments in U.S. Treasury bills and repo agreements. The fund secured $ 245 million in assets in

5056-688: The largest banks in the Washington metropolitan area . In 2005, PNC began outsourcing mortgages to Wells Fargo . In August 2006, PNC got back into the credit card business by marketing and issuing credit cards under the MasterCard brand in partnership with U.S. Bancorp (U.S. Bank) . After the National City merger (see below) in 2008, the U.S. Bancorp (U.S. Bank) products were converted to PNC Bank products. On March 2, 2007, PNC acquired Maryland-based Mercantile Bankshares, making PNC

5135-462: The life of the loan than white borrowers. Hispanics paid $ 125 more upfront and $ 154 more annually than white borrowers. Under the terms of the settlement, PNC was required to pay victims $ 35 million. In March 2006, PNC and other large banks were forced to reissue hundreds of debit cards to customers after card numbers were disclosed by a breach at an unspecified retailer. Also in March 2006, PNC Bank

5214-649: The main bond portfolio it will manage. It will also be prohibited from earning fees on the sale of bond-backed exchange traded funds, a segment of the market it dominates." As of 2024, BlackRock operates the world's largest bitcoin fund. As of 2024, Blackrock has a 17-person board of directors, including: People who have previously served on the Blackrock board of directors include: PNC Financial Services The company also provides financial services such as asset management , wealth management , estate planning , loan servicing, and information processing . PNC

5293-473: The mutual-fund business State Street Research & Management in 2005. BlackRock merged with Merrill Lynch 's Investment Managers division (MLIM) in 2006, halving PNC's ownership and giving Merrill a 49.5% stake in the company. In October 2007, BlackRock acquired the fund-of-funds business of Quellos Capital Management. In April 2009, BlackRock acquired R3 Capital Management, LLC and management of its $ 1.5 billion fund. In May 2009, BlackRock Solutions

5372-416: The responsibility of the company in the effects of global warming . In May 2019, BlackRock was criticized for the environmental impact of its holdings as it was a major shareholder in every oil supermajor except Total S.A. and in 7 of the 10 biggest coal producers. On January 14, 2020, the company shifted its investment policy; BlackRock CEO Larry Fink said that environmental sustainability would be

5451-443: The sector. Riley Moore , the state treasurer of West Virginia, said in June 2022 that BlackRock and five other financial institutions would no longer be allowed to do business with the state of West Virginia because of the company's advocacy against the fossil fuel industry. In October 2022, Louisiana removed $ 794 million from BlackRock due to the company's support of ESG and green energy. In December 2022, Jimmy Patronis ,

5530-519: The stocks from seven existing ESG funds. The European Ombudsman opened an inquiry in May 2020 to inspect the commission's file on the European Commission 's decision to award a contract to BlackRock to carry out a study on integrating environmental, social and governance risks and objectives into EU banking rules ('the prudential framework'). European Parliament members questioned the impartiality of BlackRock given its investments in

5609-435: The subject of conspiracy theories , including the conspiracy theory that BlackRock owns both Fox News and Dominion Voting Systems , which Snopes described as "false" and PolitiFact described as "mostly false". Some BlackRock conspiracy theories have incorporated antisemitism , such as the conspiracy theory that Jewish people, including BlackRock founder Robert Kapito, are part of a cabal responsible for COVID-19 and

5688-402: The term has been "weaponized". According to an Axios reporter, Fink said, "I'm ashamed of being part of this conversation." Later, according to Axios , Fink said, "I never said I was ashamed. I'm not ashamed. I do believe in conscientious capitalism." In July 2023, BlackRock announced that it would allow retail investors a proxy vote in its biggest ETF from 2024. The move was initiated in

5767-512: Was closed and accounts were transferred to the existing PNC branch in the Hill District. In July 2010, PNC sold its Global Investment Servicing (GIS) subsidiary to The Bank of New York Mellon to repay funds from the Troubled Asset Relief Program , which had been used for the National City acquisition (see above) in 2008. GIS, established in 1973 and with 4,700 employees, was the second–largest full–service mutual fund transfer agent in

5846-427: Was first announced in 2011. The LEED Platinum building, owned by PNC and designed by Gensler , won awards for its environmentally friendly features. In April 2017, the company acquired the U.S. equipment finance business of ECN Capital for $ 1.3 billion. In November 2017, the company acquired The Trout Group, an investor relations and strategic advisory firm servicing the healthcare industry . In 2018,

5925-683: Was founded in Pittsburgh, Pennsylvania , on April 10, 1845. Due to the long recovery from the Great Fire of Pittsburgh , Pittsburgh Trust and Savings was not fully operational until January 28, 1852. It originally opened offices at Liberty Avenue and 12th Street. The bank was renamed The Pittsburgh Trust Company in 1853. In 1858, the company located its corporate offices to the corner of Fifth Avenue and Wood Street in Pittsburgh, where they remain to this day. The bank changed its name to First National Bank of Pittsburgh in 1863 after it became

6004-806: Was one of 22 companies that violated disclosure requirements for municipal bonds by failing to divulge that the issuers had filed late financial reports. It was fined $ 500,000. Beginning in 2010, until it changed its policy in February 2015, PNC was the subject of protests by the Earth Quaker Action Team, led by George Lakey , and the Rainforest Action Network due to its funding of companies engaged in mountaintop removal mining in Appalachia . The protests included political demonstrations at branches and offices and

6083-479: Was retained by the U.S. Treasury Department to analyze, unwind, and price the toxic assets that were owned by Bear Stearns , American International Group , Freddie Mac , Morgan Stanley , and other financial firms that were affected in the 2007–2008 financial crisis . The Federal Reserve allowed BlackRock to superintend the $ 130 billion-debt settlement of Bear Stearns and American International Group . In February 2010, to raise capital needed during

6162-717: Was sold in 2008. In 1998, PNC sold its credit card business to Metris (now HSBC Finance ) and MBNA . In 2000, the company adopted a new brand image and changed its name to PNC Financial Services Group. In 2001, PNC sold the original PNC Mortgage to Washington Mutual due to volatility in the market. In 2004, PNC acquired United National Bancorp based in Bridgewater, New Jersey , for $ 321 million in cash and 6.6 million shares of its common stock. In 2005, PNC acquired Riggs National Corporation of Washington, D. C. Riggs had been fined after aiding Chilean dictator Augusto Pinochet in money laundering . PNC became one of

6241-731: Was sued by Paul Bariteau, an investor in the Military Channel . Bariteau claimed PNC let the chairman of the Military Channel make unauthorized withdrawals of millions of dollars from the company's account for personal use. In June 2003, PNC Bank agreed to pay $ 115 million to settle federal securities fraud charges after one of its subsidiaries fraudulently transferred $ 762 million in bad loans and other venture capital investments to an AIG entity in order to conceal them from investors. In 2017, PNC agreed to pay $ 16 million to settle claims of overtime wages by loan officers under

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