#pnc Tech News.
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PNC CEO Bill Demchak and U.S. Bank CEO Gunjan Kedia brushed off concerns that AI-driven cash optimization threatens consumer deposits. Demchak argued open banking and API connectivity, not AI, drive money movement. Truist's CFO called the risk "conceptual." McKinsey had warned banks could face disintermediation from AI agents.
PNC Chairman and CEO William Demchak reported strong corporate and capital markets activity at the Morgan Stanley US Financials Conference 2026. High-end consumer spending rose 6% year-on-year, while lower-income ex-energy spend increased 3% to 4%. Deposit balances grew across all cohorts, and credit delinquencies improved year-over-year.
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