JPMorgan Chase & Co's Jamie Dimon, Bank of America Corp's Brian
Moynihan, Citigroup Inc's Mike Corbat, Goldman Sachs Group Inc's
David Solomon and Morgan Stanley's James Gorman will face off
against the House Financial Services Committee.
Led by Democratic Representative Maxine Waters and staffed with
some high-profile progressives including Alexandria Ocasio-Cortez,
the panel will likely quiz the CEOs on the safety of the
financial system, compensation and diversity, as well as their
role in financing gun-makers and private prisons.
Also due to appear are Ronald O’Hanley, CEO of State Street
Corp, and Charles Scharf, CEO of Bank of New York Mellon Corp,
the country's two largest custody banks.
Wells Fargo & Co will not be represented since former CEO Tim
Sloan resigned abruptly last month, two weeks after being
grilled by the same committee.
The executives plan to argue Wall Street has reformed the
practices that fueled the crisis and to stress the contribution
banks make to the broader economy, testimony released on Monday
showed.
Since the crisis, the country's largest banks have added more
than $800 billion in capital to bolster the financial system.
But Democratic committee staff wrote in a memo to panel members
on Friday that "questions remain regarding whether America is
being well-served by the largest and most systemically important
banks."
The banks spent recent weeks preparing for the hearing by
meeting with lawmakers and honing their talking points, and
believe they have a strong story to tell, people familiar with
their thinking said.
In the months leading up to the hearing, the banks also made a
string of announcements to show how they are helping customers
and communities.
Bank of America said on Tuesday it would raise its minimum
hourly wage to $20 from $15 by 2021.
Last month, JPMorgan said it would no longer finance the private
prison industry and would invest $350 million in job training
programs.
Goldman Sachs has publicly set targets for hiring women and
minority groups, a move Citigroup also made late last year.
(Reporting by Imani Moise, Writing by Michelle Price; Editing by
Meredith Mazzilli)
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