PNC CEO Bill Demchak said Wednesday that regulatory processes and enforcement actions take up half of the time that the company's board spends together. Those rules are on deck for a makeover.

CEO Bill Demchak said there seemed to be "some confusion," after PNC's stock fell some 4% on Wednesday.

The superregional bank inked its merger agreement with FirstBank just two weeks after it saw the first draft of the agreement.

Bill Demchak said at an industry conference that PNC effectively "bought Colorado" with its recently announced plan to acquire the $27 billion-asset FirstBank.

The Pittsburgh-based company's plan to buy FirstBank marks its first bank deal since its purchase of BBVA USA in 2021, which rapidly propelled its presence in the South and Southeast.

Amy Wierenga is taking on the role at a time when the Trump administration and Republicans in Congress are rolling back certain bank rules. She sees opportunities ahead.

After the rapid rise of interest rates, election uncertainty and tariff policies stymied borrower demand, some banks' second-quarter results suggest that loan growth may be on its way back.

The Pittsburgh-based bank's average loans increased 2% from the prior quarter, its largest jump since the end of 2022.

JPMorganChase CEO Jamie Dimon said he wouldn't invest in the private-credit business if he were in different shoes. Meanwhile, an executive at Zions Bancorp. predicted that the sector's rapid growth will end badly.

The Pittsburgh bank is absorbing broker-dealer Aqueduct Capital Group into its investment banking unit, Harris Williams.

BlackRock veteran Mark Wiedman is taking the torch as president at PNC. The seeming successor to longtime CEO Bill Demchak will be tasked with helping the bank evolve.

The technology vendor is going outside the company to hire PNC vet Michael Lyons to replace Trump administration-bound Frank Bisignano, leaving the Pittsburgh-bank without its heir apparent for the top role.

The top executives at some of the nation's largest banks spoke Tuesday about their expectations for the second Trump administration. Deregulation, capital rules, tariffs and inflation were all prominent topics.

The Pittsburgh-based superregional bank reported a small quarter-over-quarter advance in net interest income, and it expects loan growth to pick up in the second half of the year. PNC, which announced job cuts last year, also said that it has identified an additional $25 million in cost savings.

The Pittsburgh-based regional bank also emphasized expense control for the first quarter and throughout 2024 as it manages credit quality vulnerabilities and higher charge-offs, particularly among office loans.

Bill Demchak, in a panel hosted by Brookings on Tuesday, said that last year's bank failures wouldn't have happened if the Office of the Comptroller of the Currency had been the supervisor.

In the wake of the largest U.S. bank deal in more than 15 years, industry executives offered mixed views about the prospects for more big acquisitions. They also spoke about the deal's impact on competition in the credit card business.

The Pittsburgh company says its new president, Michael Lyons, will report to William Demchak, who will continue as chairman and chief executive. Lyons is positioned to become PNC's next CEO someday, observers said.

After focusing on cost control throughout much of 2023, including a round of job cuts, the Pittsburgh company has announced plans to expand in high-growth markets like Texas and refurbish more than 1,200 existing offices.

Financial institutions, led by the biggest U.S. banks and regional lenders, have dominated high-grade issuance, making up over 60% of the $149 billion that has priced so far this month.