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The hotel, retail and multifamily residential sectors are all showing signs of recovery, which is helping the regional bank. But company executives acknowledged that the firm's relatively large exposure to the office segment figures to pose challenges for some time.

Big banks argue the worst is over. Their first-quarter results show that challenges still remain.

The San Francisco bank identified "signs of weakness" and increased its loan loss reserves substantially. Small and midsize banks have significantly larger exposures than Wells does to the office segment, which has been hit by changing work habits.

The base salary and incentive pay for Wells Fargo & Co. chief executive and president Charles Scharf was unchanged in fiscal 2022 — confirming what the bank’s board of directors