© Reuters. JP Morgan CEO Jamie Dimon attends the inauguration of JP Morgan’s new French headquarters in Paris, France on June 29, 2021. Michel Euler / Pool via REUTERS
By Pete Schroeder
(Reuters) – U.S. lawmakers will grill the bosses of the biggest U.S. consumer banks in Congress on Wednesday and Thursday on a range of topics from the state of the economy to issues hot includes abortion and climate.
Below are biographies of the executives, who will testify, ranked by the asset size of the banks they operate.
JPMORGAN CHASE & CO
Jamie Dimon, the outspoken leader of the largest US bank, is expected to defend the industry and sector conundrums after arguing with lawmakers in previous hearings. Last year, he had a controversial exchange with Senator Elizabeth Warren about Chase’s overdraft fees. In testimony prepared ahead of the 2022 hearing, Dimon criticized the strict capital requirements for large banks as an impediment to lending and “bad for America.”
Dimon took the helm of JPMorgan (NYSE:) in 2006 and is the longest-serving of all CEOs who will testify. He isn’t afraid to weigh in on policy topics like infrastructure and education, cited in his annual letter to shareholders.
BANK AMERICA CORP
Brian Moynihan, who became the CEO of Bank of America in 2010, rebuilt the company after it nearly collapsed under the weight of the acquisitions of giant Merrill Lynch and world lenders. Countrywide mortgages in times of crisis. In his prepared testimony, Moynihan argued that the company’s focus on “responsible growth” is crucial to its stability and strength.
While running BofA’s change efforts, Moynihan also became a leading proponent of so-called stakeholder capitalism, which combines business interests with social goals.
Jane Fraser, the first woman to lead a major Wall Street bank, was appointed in March 2021. She inherited a host of problems from her predecessor, including regulators’ demands to clean up Citigroup’s internal controls. She announced plans to leave Russia in an effort to cut risk assets and eliminate consumer businesses in 13 other countries to focus on multinationals and wealthy clients.
In his prepared testimony, Fraser said the bank had made “substantial progress” in divesting from those sectors, while also supporting institutional clients.
WELLS FARGO & CO
Charles Scharf took power at Wells Fargo (NYSE:) in 2019, tasked with addressing penalties imposed by regulators over the bank’s fake account scandal, including asset limits imposed by the Federal Reserve in 2018. Scharf plans to tell lawmakers he hopes it will take several years to finally fix those problems, but he’s confident his team is well positioned to do so. , according to his prepared testimony.
Andy Cecere, who has run US Bancorp since 2017, presided over the $8 billion deal to acquire MUFG Union Bank, which was announced last year. The transaction is still awaiting regulatory approval and comes as government officials are taking a closer look at bank mergers. In her testimony, Cecere said the merger will provide new tools and products for customers, and foster competition along the West Coast where MUFG Union Bank operates by establishing establish a “new, formidable regional banking competitor”.
US Bancorp is currently the fifth-largest bank in the US with $582 billion in assets, and the largest outside of “global systems” companies.
FINANCIAL SERVICES GROUP PNC
Since 2013, William Demchak has been the CEO of PNC, which operates in 27 states and is headquartered in Pittsburgh. Demchak described the $534 billion bank as a “Main Street banking institution” with a focus on traditional products and an effort to blend in with local communities, according to his prepared testimony. .
TRUIST FINANCIAL CORP
William Rogers (NYSE: Jr.), said US consumers and businesses are “in good shape” at a banking conference in New York earlier this month. He took charge of Truist last September as part of a planned transition following the completion of the merger of BB&T Corporation (NYSE:) and SunTrust Banks (NYSE:) in 2019. The deal takes the company up. seventh largest spot in the country with $532. billions of dollars in assets.
Rogers described the bank as a “purposeful operation” in his prepared testimony and highlighted its efforts to promote investment in low-income and minority communities.