(Reuters) – The chief executives of the most important U.S. banks are set to look earlier than the Senate Banking Committee on Wednesday, the place they may in all probability push again on proposals for stricter capital guidelines.
The Committee’s Democratic chair Sherrod Brown has alleged that banks “reward companies that elevate costs on Individuals.” Congress convenes the CEOs as a part of its annual oversight of Wall Road corporations.
Listed here are the financial institution CEOs scheduled to testify:
JAMIE DIMON, CEO OF JPMORGAN CHASE
Dimon, the outspoken chief of the most important U.S. financial institution, has chided regulators over the draft capital guidelines, saying they’d curb lending and financial development if carried out.
Dimon, who assumed his present position in 2006, beforehand clashed with the Committee’s member Senator Elizabeth Warren on overdraft charges. Warren additionally criticized banking watchdogs for permitting JPMorgan to get even larger when it purchased failed lender First Republic Financial institution in Could.
BRIAN MOYNIHAN, CEO OF BANK OF AMERICA
Moynihan, who grew to become CEO in 2010, rebuilt the second-largest U.S. lender after its monetary crisis-era acquisitions of Wall Road big Merrill Lynch and mortgage lender Countrywide.
Extra lately, he has joined the business refrain in opposition to the harder capital guidelines.
The financial institution has raised its minimal hourly wage to $23, with a purpose of ultimately boosting it to $25 by 2025. Elevating pay has been a centerpiece of the Biden administration’s technique.
JANE FRASER, CEO OF CITIGROUP
Fraser, the primary girl to guide a significant Wall Road financial institution, took the helm in 2021. Her focus has been on streamlining the lender and refocusing on core markets.
The CEO is finishing up its greatest reorganization in a long time to chop paperwork and improve effectivity. She has warned that there’s “no room for bystanders” because the financial institution appears to shut the hole with its friends.
CHARLIE SCHARF, CEO OF WELLS FARGO
Scharf has led Wells Fargo’s cleanup efforts since he grew to become CEO in 2019. He has been tasked with repairing the harm from a gross sales apply scandal that emerged in 2016.
Whereas its earnings have improved, the lender remains to be working underneath an asset cap that stops it from rising till regulators deem that it has fastened its issues.
DAVID SOLOMON, CEO OF GOLDMAN SACHS
Solomon is steering the storied funding financial institution again to its conventional strengths – buying and selling and funding banking – in his fifth 12 months as CEO.
Goldman’s consumer-banking flop misplaced billions and raised questions on Solomon’s technique and management, which he has sought to handle.
Its merchants and dealmakers are among the many greatest paid on Wall Road. The beneficiant payouts have lengthy been contentious with progressives, particularly throughout instances of the financial turmoil.
JAMES GORMAN, CEO OF MORGAN STANLEY
Gorman’s testimony will probably be his final throughout a 14 year-stint as CEO of the funding banking powerhouse.
He’s set at hand over the reins to Ted Choose subsequent month, however has stated he’d “assist repair up on the free ends” of some regulatory issues together with the Basel proposals and a probe into the financial institution’s block-trading actions.
ROBIN VINCE, CEO OF BANK OF NEW YORK MELLON
Vince, a former Goldman Sachs veteran, took the helm at BNY Mellon final 12 months. The financial institution oversees $45.7 trillion in belongings.
Earlier this month, BNY Mellon stated it can improve its minimal wage subsequent 12 months to $22.50 an hour from $20 and increase psychological well being advantages for workers.
RONALD O’HANLEY, CEO OF STATE STREET
O’Hanley has steered State Road, one of many world’s largest custodian banks, since 2019.
He lately highlighted its deal with controlling prices.
(Reporting by Niket Nishant in Bengaluru; Modifying by Lananh Nguyen and Maju Samuel)
