What big-bank CEOs were paid; Wells Fargo, PNC kick off earnings season

CEOs at some of the biggest U.S. banks took pay cuts in 2022: 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%.

Sign up here to receive American Banker's complete Daily Briefing newsletter — delivered to your inbox every morning.

Today in earnings coverage: Wells Fargo's caution on office loans is an ominous sign for small banks: 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 Fargo does to the office segment, which has been hit by changing work habits.

PNC warns that pressures on deposit costs are likely to intensify: 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. Read all our coverage of bank earnings.

U.S. needs 'a viable pipeline for the creation of new banks' — Fed's Bowman: Federal Reserve Board Gov. Michelle Bowman said current capital requirements and application processes are driving consolidation and boosting shadow banking. 

Read more about central banking: Fed's Waller: failed banks weren't systemic, but warranted action

A Discover exec's mission to bring consumer tech to business: "The bar is being set by consumer interactions," says Alisa Ellis , who is helping lead modernization efforts at Discover Financial Services .

Nasdaq expands risk platform for banks amid rise in demand for the tech: Nasdaq is adding fixed income securities to its offering while interest rates rise and the U.S. equities market continues to modernize.