Banks with more than $100 billion of assets expect tougher regulations in the wake of last month's bank failures. They say that any changes to capital and liquidity standards should happen gradually in order to avoid spooking investors.
William Demchak of PNC, Brian Moynihan of Bank of America and William Rogers of Truist had their total compensation reduced last year, as stock prices across the industry fell. The previous year, pay for bank chief executives had soared by more than 20%.
PNC Financial beats profit estimates on boost from higher interest rates streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
The Pittsburgh bank grew its deposits in the first quarter, even as the failure of two other regionals sparked outflows across the industry. But PNC executives warned Friday that rising funding costs could continue to eat into its net interest margin.
The best banking institutions in retail, commercial, private and investment banking are highlighted, along with two outstanding CEOs from their regions.
Members of the American Bankers Association's Economic Advisory Committee expect gross domestic product to stall in 2023. Other surveys show a modest contraction. Lenders say sentiment among their borrowers also points to a slight slowdown.
The Pittsburgh bank posted a solid profit and said that it expects continued loan growth. But the pace of business expansion could slow alongside an economic downturn.
Dicier credit conditions, recession fears and tougher regulatory scrutiny combined to weaken merger activity in 2022. A push for scale is bound to resume when interest rates level off — at least among smaller banks, analysts say.