BUZZ-Lyons departure a 'loss' for US bank PNC, analysts say

PNC Financial PNC.N President Michael Lyons is set to depart the U.S. bank to assume the role of CEO-elect at payments firm Fiserv FI.N, the companies say

Lyons is set to succeed Fiserv CEO Frank Bisignano, who has been picked by President Donald Trump to head the Social Security Administration

Bisignano will continue in his current role until June 30, or upon an earlier confirmation by the U.S. Senate

Piper Sandler says it was surprised to read about Lyons' departure, given he has been with PNC for 13 years and led all the lines of business

Brokerage says that, most importantly, Lyons was considered CEO Bill Demchak’s heir-apparent upon his eventual retirement

"While this looks like a great opportunity for Lyons, we consider it a loss for PNC" - Piper Sandler

Brokerage Stephens echoes Piper Sandler's comment, saying that the investment community felt Lyons was the heir apparent to Demchak