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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 are going to 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 Street companies.
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 might curb lending and financial development if applied.
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 Bank (OTC:) in May.
BRIAN MOYNIHAN, CEO OF BANK OF AMERICA
Moynihan, who turned CEO in 2010, rebuilt the second-largest U.S. lender after its monetary crisis-era acquisitions of Wall Street big Merrill Lynch and mortgage lender Countrywide.
More just lately, he has joined the trade refrain towards the harder capital guidelines.
The financial institution has raised its minimal hourly wage to $23, with a objective of finally boosting it to $25 by 2025. Raising pay has been a centerpiece of the Biden administration’s technique.
JANE FRASER, CEO OF CITIGROUP
Fraser, the primary lady to guide a serious Wall Street 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 largest reorganization in many years to chop forms 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 turned CEO in 2019. He has been tasked with repairing the harm from a gross sales apply scandal that emerged in 2016.
While its earnings have improved, the lender remains to be working below 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 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 Street. The beneficiant payouts have lengthy been contentious with progressives, particularly throughout occasions of the financial turmoil.
JAMES GORMAN, CEO OF MORGAN STANLEY
Gorman’s testimony will doubtless be his final throughout a 14 year-stint as CEO of the funding banking powerhouse.
He is ready at hand over the reins to Ted Pick subsequent month, however has mentioned 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 mentioned it is going to improve its minimal wage subsequent yr 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 Street (NYSE:), one of many world’s largest custodian banks, since 2019.
He just lately highlighted its concentrate on controlling prices.