(Reuters) – The chief executives of the biggest U.S. banks are set to appear before the Senate Banking Committee on Wednesday, where they will probably push back on proposals for stricter capital rules.
The Committee’s Democratic chair Sherrod Brown has alleged that banks “reward corporations that raise prices on Americans.” Congress convenes the CEOs as part of its annual oversight of Wall Street firms.
Here are the bank CEOs scheduled to testify:
JAMIE DIMON, CEO OF JPMORGAN CHASE
Dimon, the outspoken chief of the biggest U.S. bank, has chided regulators over the draft capital rules, saying they would curb lending and economic growth if implemented.
Dimon, who assumed his current role in 2006, previously clashed with the Committee’s member Senator Elizabeth Warren on overdraft fees. Warren also criticized banking watchdogs for allowing JPMorgan to get even bigger when it bought failed lender First Republic Bank in May.
BRIAN MOYNIHAN, CEO OF BANK OF AMERICA
Moynihan, who became CEO in 2010, rebuilt the second-largest U.S. lender after its financial crisis-era acquisitions of Wall Street giant Merrill Lynch and mortgage lender Countrywide.
More recently, he has joined the industry chorus against the tougher capital rules.
The bank has raised its minimum hourly wage to $23, with a goal of eventually boosting it to $25 by 2025. Raising pay has been a centerpiece of the Biden administration’s strategy.
JANE FRASER, CEO OF CITIGROUP
Fraser, the first woman to lead a major Wall Street bank, took the helm in 2021. Her focus has been on streamlining the lender and refocusing on core markets.
The CEO is carrying out its biggest reorganization in decades to cut bureaucracy and increase efficiency. She has warned that there is “no room for bystanders” as the bank looks to close the gap with its peers.
CHARLIE SCHARF, CEO OF WELLS FARGO
Scharf has led Wells Fargo’s cleanup efforts since he became CEO in 2019. He has been tasked with repairing the damage from a sales practice scandal that emerged in 2016.
While its earnings have improved, the lender is still operating under an asset cap that prevents it from growing until regulators deem that it has fixed its problems.
DAVID SOLOMON, CEO OF GOLDMAN SACHS
Solomon is steering the storied investment bank back to its traditional strengths – trading and investment banking – in his fifth year as CEO.
Goldman’s consumer-banking flop lost billions and raised questions about Solomon’s strategy and leadership, which he has sought to address.
Its traders and dealmakers are among the best paid on Wall Street. The generous payouts have long been contentious with progressives, especially during times of the economic turmoil.
JAMES GORMAN, CEO OF MORGAN STANLEY
Gorman’s testimony will likely be his last during a 14 year-stint as CEO of the investment banking powerhouse.
He is set to hand over the reins to Ted Pick next month, but has said he’d “help fix up on the loose ends” of some regulatory matters including the Basel proposals and a probe into the bank’s block-trading activities.
ROBIN VINCE, CEO OF BANK OF NEW YORK MELLON
Vince, a former Goldman Sachs veteran, took the helm at BNY Mellon last year. The bank oversees $45.7 trillion in assets.
Earlier this month, BNY Mellon said it will increase its minimum wage next year to $22.50 an hour from $20 and expand mental health benefits for employees.
RONALD O’HANLEY, CEO OF STATE STREET
O’Hanley has steered State Street, one of the world’s largest custodian banks, since 2019.
He recently highlighted its focus on controlling costs.
(Reporting by Niket Nishant in Bengaluru; Editing by Lananh Nguyen and Maju Samuel)