Jonathan Parker

Senior Vice President, Regional Underwriting Manager, PNC Business Credit

40 Under 40 Category: Underwriting

Biography:

Jonathan Parker is a regional underwriting manager at PNC Business Credit in Pittsburgh, PA. His team of ABL underwriters complete complex transactions to support refinancing, sponsor-backed leverage buyouts, and management buyouts of public and private companies in a broad range of industries.

He began his career with PNC Business Credit in 2008 as a field auditor in Dallas, TX. He later transitioned to a relationship management role in Dallas, focusing on customers in the oil and gas industry. Throughout his career, Jonathan has remained committed to helping others reach their full potential. Since joining underwriting in 2012, he has trained numerous underwriters who have gone on to excel at PNC and other banks. As an active recruiter for PNC, Jonathan identifies future leaders by participating in campus recruitment events at his alma mater, Penn State.

Jonathan has been recognized throughout his career as a top performer. In 2014, he was one of four underwriters in the nation named a “PNC Market All-Star,” an award honoring top business producers in each market.  

What advice would you give to forthcoming generations of talent aspiring to win this award?

Don’t try to win it. Accolades should never be your goal, but a natural side effect of your efforts.

Instead, focus on your work ethic and set standards for yourself. Strive to exceed these, not just meet them, and then set higher standards. Think of it like trying to improve your mile time in running. Your reputation will ultimately be developed by the standards that you set and uphold.

A particular motto used by the Navy SEALs helps to keep me motivated: “Earn it every day.” The idea is that working hard to get that job or promotion doesn’t mean you can kick your feet up once you get it. On the contrary, it means the work has just begun and the bar has been raised. Every day you should ask yourself if you’ve earned your keep.

In addition to being committed to yourself, you need to be committed to your team. Especially in a service industry, the success of an organization is determined by how well its people work together. You are of greatest value when you adopt a leadership mindset. This means leading by example, as well as motivating and empowering those around you. You’ll find that good leadership is contagious.

How do you think the commercial finance industry can attract more young professionals?

The short answer: learn from Silicon Valley. The finance industry’s reputation for high-paying jobs has long been the lure for young graduates, but the tech industry is now giving it a run for its money, literally.

Everyone knows that tech is booming, and firms are paying up for top talent. Compensation visibility, thanks to sites like Glassdoor, is leading a growing percentage of young professionals to opt for a career as a programmer, software developer or software sales rep.  

A new generation of workers means a new set of values, and tech firms have gone above and beyond to prove that they understand young graduates, or dare I say, Millennials. Companies are gradually being taken over by Millennials, who are expected to comprise 75% of the US workforce by 2025. This has led companies like Google and Facebook to focus on team-based environments and set new standards in the arena of work/life balance.

Perks like flexible work arrangements, on-site gyms, free meals and laundry service have become commonplace in the tech industry and are slowly catching on in others. Yes, these niceties come at a cost, but they undoubtedly help to attract and retain top talent. They also drive greater productivity as employees can afford to spend more time working. Personally, I can tell you that I’m more productive working from home, especially when I can be on my laptop by 7 a.m., or earlier, instead of sitting in traffic.

As long as the technology industry continues to revolutionize the world, it will be a formidable opponent in the fight for top talent. Like other industries, firms in commercial finance will need to become acquainted with the new workforce generation and strive to differentiate themselves. This may come at a cost, albeit less costly than taking resumes from the bottom of the pile.