PNC Capital Markets hired two veteran municipal market bankers in Chicago and New York.

CHICAGO — Pittsburgh-based PNC Capital Markets LLC has hired public finance banker Kerry Rudy in Chicago to lead its national healthcare sector and is bolstering its New York team with the addition of Lawrence Stephens to lead coverage of the city.

Kerry joined the firm as a managing director and head of public finance capital markets, leading a team of four others in the group.

"We continue to look for more opportunities to build," said PNC head of public finance Robert Dailey.

Kerry is a 25-year veteran of the municipal industry and most recently led the healthcare group at BMO Capital Markets in Chicago.

PNC said Rudy's accomplishments include leading the effort to obtain a new risk rating model for U.S. healthcare systems.

Stephens was hired as a director; he will be responsible for covering clients in New York City as well as higher education institutions.

He previously worked at JPMorgan where he was an executive director in the firm's northeast banking group. Stephens had returned to JPMorgan, where he began his public finance career and where Dailey also used to work, in 2010 after working for an insurer.

"Adding experienced talent, like Kerry and Lawrence, enables us to offer solutions to a broader array of clients in the healthcare, government and higher education sectors," Dailey said in a statement announcing the additions.

Rudy joined BMO in 2010 along with a group of other bankers that came over from Ziegler Capital Markets.

He also previously worked at Goldman Sachs and the former Lehman. His discussions with PNC and hiring there preceded the announcement last month that Piper Jaffray would acquire BMO Capital Markets GKST Inc., which includes the firm's public finance banking business.

Piper and BMO earlier this month announced a round of layoffs, according to numerous market participants who said the speculation is that more are coming this fall as the two businesses merge, sources said.

The new additions mark the latest in a wave of hiring across sectors and regions for PNC. In a high profile analytic hire, Tom Kozlik joined the firm last month from Janney Capital Markets.

On the banking side, in the Midwest the firm last year hired Ryan Kozak and Sam Adams, both based in Cleveland.

The firm also hired Warren "Bo" Daniels Jr, David Fischer and Matthew Roggenburg last year to open new offices in the Southeast and New York, bringing to more than two dozen its number of locations.

The firm also brought in veteran banker William Hayden, also formerly of JPMorgan, to work in its New York and Florida offices.

The firm last year ranked 15th among senior managers nationally with 134 deals valued at $3.4 billion.

For the first half of 2015, the firm ranked 20th with 89 deals valued at $1.75 billion, according to Thomson Reuters.

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