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(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 corporations that raise prices on Americans.” Congress convenes the CEOs as a part of its annual oversight of Wall Road companies.
Listed below 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 greater when it purchased failed lender First Republic Financial institution (OTC:) 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 just lately, he has joined the trade refrain in opposition to the more durable capital guidelines.
The financial institution has raised its minimal hourly wage to $23, with a purpose of finally 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 lady 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 many years to chop paperwork and improve effectivity. She has warned that there’s “no room for bystanders” because the financial institution seems 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 observe scandal that emerged in 2016.
Whereas its earnings have improved, the lender continues to be working underneath an asset cap that forestalls it from rising till regulators deem that it has mounted 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 yr as CEO.
Goldman’s consumer-banking flop misplaced billions and raised questions on Solomon’s technique and management, which he has sought to deal with.
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 handy over the reins to Ted Decide subsequent month, however has stated he’d “help fix up on the loose 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 (NYSE:) final yr. The financial institution oversees $45.7 trillion in property.
Earlier this month, BNY Mellon stated it would improve its minimal wage subsequent yr to $22.50 an hour from $20 and broaden psychological well being advantages for workers.
RONALD O’HANLEY, CEO OF STATE STREET
O’Hanley has steered State Road (NYSE:), one of many world’s largest custodian banks, since 2019.
He just lately highlighted its concentrate on controlling prices.
