Factbox: Meet the big bank CEOs set to be grilled by Congress

Sept 20 (Reuters) – U.S. legislators will grill the bosses of the most important U.S. shopper banks in Congress on Wednesday and Thursday on a slew of subjects from the state of the economic system to hot-button points together with abortion and local weather.

Listed below are biographies of the chief govt officers who will testify, ranked so as of the asset sizes of the banks they run.

JPMORGAN CHASE & CO

Jamie Dimon, the outspoken chief of the biggest U.S. financial institution, is anticipated to defend the trade and discipline tough questions after sparring with lawmakers in previous hearings. Final 12 months, he had a contentious alternate with Senator Elizabeth Warren over Chase’s overdraft charges. In ready testimony forward of the 2022 hearings, Dimon criticized strict capital necessities for giant banks as a hindrance on lending and “dangerous for America.” learn extra

Dimon took the helm at JPMorgan in 2006 and is the longest tenured of all of the CEOs who will testify. He’s not shy about weighing in on coverage subjects reminiscent of infrastructure and training, that are cited in his annual letter to shareholders.

BANK OF AMERICA CORP (BAC.N)

Brian Moynihan, who turned Financial institution of America’s CEO in 2010, rebuilt the corporate after it virtually collapsed below the load of its troubled crisis-era acquisitions of Wall Road large Merrill Lynch and mortgage lender Countrywide. In his ready testimony, Moynihan touted the agency’s concentrate on “accountable development” as important to its stability and power.

Whereas steering BofA’s turnaround efforts, Moynihan additionally turned a number one proponent of so-called stakeholder capitalism, which mixes enterprise pursuits with societal targets.

CITIGROUP INC

Jane Fraser, the primary lady to steer a significant Wall Road financial institution, was appointed in March 2021. She inherited a slew of issues from her predecessor, together with calls for by regulators to scrub up Citigroup’s inner controls. She has introduced plans to exit Russia in a bid to pare down dangerous belongings and cull shopper companies in 13 different nations to concentrate on multinational corporations and rich purchasers.

In her ready testimony, Fraser stated the financial institution had made “important progress” in divesting from these areas, whereas supporting institutional purchasers.

WELLS FARGO & CO (WFC.N)

Charles Scharf took the reins at Wells Fargo in 2019, tasked with resolving punishments meted by regulators over the financial institution’s pretend accounts scandal, together with an asset cap imposed by the Federal Reserve in 2018. Scharf plans to inform lawmakers he expects it would take a number of years to finally rectify these points, however that he’s assured his staff is properly positioned to take action, in line with his ready testimony.

U.S. BANCORP (USB.N)

Andy Cecere, who has run U.S. Bancorp since 2017, presided over its $8 billion deal to purchase MUFG Union Financial institution, which was introduced final 12 months. The transaction remains to be awaiting regulatory approval and comes as authorities officers are wanting extra carefully at financial institution mergers. In his testimony, Cecere stated the merger would offer new instruments and merchandise to clients, and enhance competitors alongside the West Coast the place MUFG Union Financial institution operated by establishing a “new, formidable regional financial institution competitor.”

U.S. Bancorp is at present the fifth largest financial institution within the U.S. with $582 billion in belongings, and the biggest financial institution exterior of the “globally systemic” companies.

PNC FINANCIAL SERVICES GROUP (PNC.N)

Since 2013, William Demchak has been CEO of PNC, which operates in 27 states and is headquartered in Pittsburgh. Demchak described the $534 billion financial institution as a “Essential Road banking group” that focuses on conventional merchandise and endeavors to embed itself in native communities, in line with his ready testimony.

TRUIST FINANCIAL CORP (TFC.N)

William Rogers Jr., stated U.S. shoppers and companies have been in “good condition” at a banking convention in New York earlier this month. He took cost of Truist in September final 12 months as a part of a deliberate transition after the merger of BB&T Company and SunTrust Banks was accomplished in 2019. The deal vaulted the agency to seventh largest within the nation with $532 billion in belongings.

Rogers describes the financial institution as “purpose-driven” in his ready testimony, and highlighted efforts to spice up funding in decrease revenue and majority-minority communities.

Reporting by Lananh Nguyen and Pete Schroeder;

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