Bill Demchak, formerly global head of structured finance and credit portfolio at JP Morgan, has been named vice chairman and chief financial officer of PNC Financial Services Group in Pittsburg. Demchak, 40, led the JP Morgan team that built up the credit derivatives market in the second half of the 1990s. In 1997 the bank launched the revolutionary Bistro product - the first leveraged synthetic securitisation, which has since become the standard structure for banks using securitisation to free up capital.
August 30, 2002