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The Path to Redemption: Four years ago, PNC Financial Services was on the regulatory ropes. Overcoming those troubles wasn't easy for chairman and CEO James Rohr, who instilled confidence-and, some say, a bit of a swagger-in a company searching for an identity. Today PNC seems able to do no wrong. Can its run of success continue?(Company overview)

When Merrill Lynch agreed in February to take a 49.8 percent stake in money manager BlackRock, the biggest winners might have been PNC Financial Services Group and its chairman and CEO, James Rohr. The deal values Pittsburgh-based PNC's 70 percent stake in BlackRock at about $5.6 billion, an outlandish return on the $240 million it paid in 1995. After booking an after-tax gain of about $1.6 billion on part of its holdings when the deal closes in September, PNC's remaining 34 percent ownership in a bigger, stronger BlackRock will actually contribute more to its bottom line than before the deal. "We end up having more net income from BlackRock after the transaction, and it frees ...

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