Serving Indiana

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Serving Connecticut

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This article originally appeared on <a href="https://fortune.com/2023/12/06/us-economy-could-face-perfect-storm-basel-iii-endgame-goes-into-effect-finance-banks-kevin-fromer/">Fortune</a>.&nbsp;The past three years of economic volatility have exacted a profound toll on many Americans, testing the resilience of households and businesses alike. During this period, the largest banks, fundamentally strengthened by a series of changes, have served as a source of support by extending enormous amounts of credit, helping customers navigate uncertainty, and stabilizing the broader banking sector at a critical moment. Now, as the CEOs of these banks gather on Capitol Hill, Congress must ask itself if proposed regulations on capital jeopardize the essential work of these institutions.The capital regulation plan known as Basel III Endgame will increase capital requirements by 20% or more for the eight largest U.S. banks. This is an excessive move, considering the <a href="https://fsforum.com/a/media/capital-and-the-nation%E2%80%99s-largest-banks.pdf">tripling</a> of high-quality capital for these banks over the past 15 years. Higher capital requirements, <a href="https://www.federalreserve.gov/newsevents/pressreleases/powell-statement-20230727.htm">as noted by Federal Reserve Chair Jerome Powell</a>, raise the cost of–and reduce access to–credit.The plan will certainly compound the burden of higher post-pandemic interest rates,&nbsp;<a href="https://www.urban.org/sites/default/files/2023-09/Bank%20Capital%20Notice%20of%20Proposed%20Rulemaking.pdf?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosmarkets&amp;stream=business">particularly for those with lower incomes</a>. Americans will have a harder time getting a loan, securing a mortgage, or saving for their retirement or a child’s college education.The impact isn’t limited to individual consumers. Small businesses&nbsp;<a href="https://fsforum.com/news/capital-insights-new-bank-capital-rules-will-handicap-small-businesses">relying</a>&nbsp;on credit and farmers&nbsp;<a href="https://www.americanbanker.com/opinion/basel-endgame-will-drive-up-costs-for-american-farmers-and-consumers">needing</a>&nbsp;funds for operations and equipment will face difficulty securing much-needed capital.A chorus of voices from the left and the right have come out against this proposed rule. Bipartisan consensus is rare these days, so the growing coalition of policymakers, advocacy groups, and community leaders warning against the negative impacts of stricter capital requirements is not something to take lightly. Senator&nbsp;<a href="https://www.politico.com/newsletters/morning-money/2023/09/14/the-calls-are-coming-from-inside-the-house-dems-rap-biden-bank-cops-00115837">Mark Warner (D-Va.)</a>&nbsp;has emphasized the potential compounding effect of tougher capital standards, high interest rates, and disruptions in the commercial real estate market as a “perfect storm.” Senator&nbsp;<a href="https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=409027">John Tester (D-Mont.)</a>&nbsp;stated that he is worried about how this will impact working Americans, explaining he has “some concerns about the proposed changes, and what its impact will be on workers and households, small businesses, access to credit, and the overall vibrancy of our capital markets.”&nbsp;In a&nbsp;<a href="https://www.banking.senate.gov/imo/media/doc/basel_iii_banking_gop_letter.pdf">letter</a>&nbsp;to regulators, 39 Senate Republicans, led by Senator Tim Scott (R-S.C.), highlighted the resilience of the well-capitalized U.S. banking system and argued the proposal would negatively impact the economy while making credit costlier and more difficult to obtain for millions of Americans.Given these concerns, it is fair to ask why capital increases of this size are necessary. But no one seems equipped to provide an answer. On the contrary, the predominant official assessment of the banking sector, and the largest banks in particular, has been laudatory. As a matter of fact, every hypothesized loss the proposal aims to address has been experienced under real-life stress tests such as the pandemic, and the largest U.S. banks have continued to support the economy despite those losses under current capital requirements.Reflecting on the years of reform under the Dodd-Frank Act and Basel III, Chair Powell&nbsp;<a href="https://www.youtube.com/watch?v=627kC040sPU">highlighted</a>&nbsp;improvements in the banking system’s resilience, stating, “The large banks in the United States are very strong, well-capitalized, a lot of liquidity and they’ve been a source of strength, I think, through the last couple of events.”The future path of the U.S. economy is far from certain and hardworking Americans will pay a price if regulators demand new, unjustified capital requirements. Policymakers must demand extensive changes to the Basel III Endgame proposal so the banking sector can continue its essential role in the U.S. economy–and to avoid taxing consumers and businesses for no appreciable benefit to financial stability.Kevin Fromer is the president and CEO of Financial Services Forum.

Op-ed: The U.S. economy could face ‘a perfect storm’ if Basel III Endgame goes into effect. Here’s why

Capital and the U.S. Economy

Higher Capital Requirements Would Harm “Everybody Across the Economy”Financial Services Forum CEO underscores the economic costs of proposed capital requirements in interview with Bloomberg TV&nbsp;&nbsp;Washington, D.C. – Financial Services Forum President and CEO Kevin Fromer joined Bloomberg TV today to discuss the negative impacts of the Basel III Endgame proposal, which would increase bank capital requirements. Fromer’s comments came a day before the eight CEOs of the nation’s largest banks are scheduled to testify before the Senate Banking Committee on Banking, Housing, Urban Affairs.&nbsp;"It will have a significant impact on consumers and small businesses and corporate customers, farmers, everybody across the economy. Everybody that does business and relies on these institutions for that work and the economy as a whole that relies on these institutions," Fromer said.&nbsp;&nbsp;<figure class="media"><oembed url="https://youtu.be/OG5I1tnclm4?si=SNba_3RnQq3JaD4V"></oembed></figure>&nbsp;Following are highlights from the interview:&nbsp;On the Strength of the Largest U.S. Banks and Lack of Consensus that More Capital is Needed:“There is no evidence we need more capital in these institutions now,” Fromer said. “We have been through many, many years of activity where these institutions have encountered everything you can throw at them and they have been operating with more than enough capital to deal with all these things.”On the Migration of Risk in the Financial System:"It will affect the pricing or the economics, or it will move the activity outside of the regulator banking sector altogether. We have seen that secular trend for a long time,” Fromer said. “That does not mean the risk went away. It just leaves the banking system and goes to another part of the financial system."Please see the Forum’s <a href="https://fsforum.com/a/media/fsf_factsheet_capital-and-u.s.-economy-(11.15.23).pdf">fact sheet</a> for more information on capital and the largest U.S. banks and the potential impact of the regulators’ capital proposal.Learn more, including what policymakers and others have to say about the strong capital positions at the largest U.S. banks, at smartbankcapital.com.&nbsp;###&nbsp;The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. Visit our website: <a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter <a href="https://twitter.com/fsforum">@fsforum</a> and <a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>

Higher Capital Requirements Would Harm “Everybody Across the Economy"

CONTACT: Barbara Hagenbaugh(202) 457-8783bhagenbaugh@fsforum.com&nbsp;Highlights from Forum Member TestimonyForum members highlight important contributions of the largest U.S. banks and concerns about unnecessary regulation that would harm U.S. businesses, consumers, and economy&nbsp;Washington, D.C. – &nbsp;Financial Services Forum members are testifying tomorrow before the Senate Committee on Banking, Housing, and Urban Affairs. Below are some highlights from their <a href="https://www.banking.senate.gov/hearings/11/29/2023/annual-oversight-of-wall-street-firms">prepared testimony</a>.&nbsp;<h4>On the Value of the Largest U.S. Banks</h4>“Through decades of geopolitical shifts and technological advances, we have seen how the U.S. banking system is truly unmatched. The isolated bank failures of the spring may have tested some of the confidence that people have in our industry. But I am proud of the swift and collaborative response by our government and industry, which affirmed the underlying strength and stability of our financial system. As we chart a path forward, we need to make sure we don’t inadvertently upend the unique system we have.&nbsp;“Our financial system is the envy of others because it’s underpinned by the most competitive banking sector and the deepest capital markets. We’re home to banks of all sizes, each with an important role to play. Collectively, our banks serve as engines of growth, supporting businesses and households and promoting access to financial services in hard-to-reach communities.”&nbsp;Citi CEO Jane Fraser------“…there are some things that can only be done by large, complex banks – things that are essential to a thriving U.S. economy and American competitiveness. Large banks on this panel serve America’s interests overseas and serve America’s multinational corporations around the world. Large banks meet the funding needs of other financial institutions such as mortgage finance companies, insurance companies and community banks. Large banks provide critical financing to every sector of the U.S. economy, fueling job creation and new business development. Large American banks support the deepest and most liquid capital markets in the world. We underwrite initial public offerings, corporate bonds and municipal bonds, which provide federal, state and local governments financing for roads and bridges, schools, libraries and other public works projects.”&nbsp;JPMorgan Chase &amp; Co. Chairman and CEO Jamie Dimon&nbsp;&nbsp;<h4>On the Strength of the Largest U.S. Banks</h4>“Despite the challenges of COVID, and the banking stress earlier this year --- the eight GSIB banks before you have done their jobs exceedingly well --- partnering with regulators during COVID and the SVB/First Republic crises, and providing stability to our financial system. I am proud of State Street’s strong performance over these stressful periods.”&nbsp;State Street Corporation Chairman and Chief Executive Officer Ronald P. O’Hanley &nbsp;------“The U.S. banking system remains strong and is the envy of the world. Large U.S. banks have undergone a dramatic change in their capital and liquidity profile since the financial crisis 15 years ago, when the U.S. government acted decisively and quickly in implementing the Dodd-Frank and CCAR reforms. As we saw earlier in the year, the crisis among some regional banks in the spring was quickly averted by prompt regulatory action, and with the strength and support from the large U.S. banks. We were pleased to be one of the 11 banks that together provided $30 billion in uninsured deposits to First Republic. It was gratifying, after being part of the problem in the 2008 financial crisis, to have the financial strength and stability to be part of the solution.”&nbsp;Morgan Stanley Chairman and CEO James P. Gorman------“In March of this year, we all saw how market events rapidly impacted the banking sector. In response to this crisis, Wells Fargo and many of the other institutions represented here today served as a source of strength and stability against a backdrop of volatility and uncertainty. I am proud that Wells Fargo was able to lend support to our economy during that difficult period, and I believe our steadiness in the face of such unease is a testament to our company’s soundness.”&nbsp;Wells Fargo &amp; Company CEO and President Charles W. Scharf------“We believe that the global financial system, and particularly the eight U.S.-based GSIBs, are stronger today as a result of the safeguards put in place over the past 15 years. I can confidently say that BNY Mellon is even more resilient than it was a decade ago, with strong capital and liquidity positions; cyber, technology, and data privacy protections; and controls to comply with applicable laws.”&nbsp;The Bank of New York Mellon Corporation President and CEO Robin Vince------“We finance infrastructure projects for local governments to invest in schools, hospitals and roads.&nbsp; We also invest on behalf of our clients so that jobs can be created, retirement savings can grow and economies can expand. We are able to facilitate all of these activities because of the strength and resiliency of our balance sheet.&nbsp;In fact, since 2007, Goldman Sachs’ capital has nearly tripled, our liquidity has increased more than five times, and our leverage has decreased by half. In addition, the Federal Reserve’s stress tests have consistently confirmed that all of us here have sufficient capital to withstand a severe global recession.”&nbsp;Goldman Sachs Chairman and CEO David M. Solomon------“Since we met last year, we know there was market turbulence early this year as some financial institutions faced challenges from the impacts of rising rates and other factors. As we did during the pandemic banks represented here today served as a source of strength and stability for individuals and families, business owners and investors as we provided the products and services, expertise and liquidity needed to navigate the markets and manage their financial needs.&nbsp;“At Bank of America, we have a common purpose: to make financial lives better. To best achieve that outcome, in 2014 our company adopted the four tenets of what we call Responsible Growth. This longstanding common focus on driving Responsible Growth has helped us be well-positioned to be a source of strength and stability when our customers, employees, communities, and shareholders need us most. Over the past decade, we have seen Responsible Growth work in the relative calm of 2015 to 2019, the pandemic tumult of 2020 and 2021, the inflationary period that began in 2022, and the challenging economic and geopolitical environment that continues in 2023. In each of these periods, our company benefited from the long-term consistency provided by our adherence to Responsible Growth.”&nbsp;Bank of America Chairman and CEO Brian Moynihan&nbsp;&nbsp;<h4>On Regulations, Including Capital Requirements, and the U.S. Economy</h4>“The geopolitical environment is complex and unpredictable. The U.S. and global economic recovery is uncertain as we all navigate higher interest rates and debt levels. And the financial services regulatory environment in the U.S. is in flux, in many cases with unclear goals.“From a State Street perspective, I am most concerned with the U.S. banking regulators’ capital proposal, which I fear could negatively impact the U.S. economy by limiting bank credit extension and impairing the ability of U.S. banks like State Street to continue to provide high quality custody and asset management services.“I am also concerned by the SEC’s proposed “safekeeping” rule, which, with no clear rationale, challenges some of the foundational elements of custody banking and in effect destroys the low cost, near perfect service now provided to investors.“I am hopeful these proposals can be adjusted, for if not they create risk of negative economic, market, and individual outcomes going forward.&nbsp;State Street Corporation Chairman and Chief Executive Officer Ronald P. O’Hanley&nbsp;------“The debate should not always be about more or less regulation but about what mix of regulations will keep America’s banking system the best in the world. I urge lawmakers and regulators to be thoughtful about the effect of arbitrary and unstudied regulatory proposals and their cumulative impact on access to affordable credit and traditional banking products, capital markets and market liquidity, and the economy overall.”&nbsp;JPMorgan Chase &amp; Co. Chairman and CEO Jamie Dimon------“One headwind to the U.S. economic recovery is the finalization of a new set of capital rules referred to as the Basel 3 Endgame.&nbsp; These new rules were conceived to create a common set of international capital standards, without raising the aggregate amount of capital.&nbsp; However, the U.S. proposal does exactly the opposite: it is significantly more stringent than any other jurisdiction, and it would increase our capital requirements by about 25%.“These punitive regulatory measures also run the risk of harming U.S. competitiveness and capital markets activities globally, as well as pushing activity overseas and outside of the regulated banking sector, without making the U.S. financial system safer. Indeed, we believe the proposal will result in increased costs for airlines, manufacturers and food producers, pension and mutual funds, insurance companies, small businesses and energy companies.&nbsp; These costs will likely get passed on to consumers.&nbsp; For example, it would quadruple our capital requirements for clean energy tax equity projects and would increase our capital eight times for important transactions that we enter into with pension funds to improve their returns for retirees.”&nbsp;Goldman Sachs Chairman and CEO David M. Solomon------“Current proposals to put additional capital requirements on the largest U.S. banks – commonly called the Basel III Endgame – need to consider the full impact to the U.S. economy and the U.S. consumer. Regulations are only effective when they balance both the safety and soundness of the financial system, with the proper functioning of bank financing that spurs our economic growth.”&nbsp;Morgan Stanley Chairman and CEO James P. Gorman&nbsp;&nbsp;<h4>On Emerging Technologies in Financial Services</h4>“As we look ahead to the next few decades, the U.S. has an opportunity to set the standard for the rest of the world on the development and deployment of technologies set to transform our economy, namely AI and blockchain and distributed ledger technology. We are encouraged by recent focus on these topics and will continue to work with policymakers to build safety, security and trust into emerging technology solutions to maintain U.S. economic and technological leadership.”&nbsp;The Bank of New York Mellon Corporation President and CEO Robin Vince&nbsp;&nbsp;###&nbsp;The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States.&nbsp;Forum member institutions are a leading source of lending and investment in the United States and serve&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. Follow us on Twitter <a href="https://twitter.com/fsforum">@fsforum</a> and <a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>&nbsp;

Highlights from Forum Member Testimony 

CONTACT: Barbara Hagenbaugh(202) 457-8783bhagenbaugh@fsforum.com&nbsp;ICYMI: The U.S. economy could face 'a perfect storm' if Basel III Endgame goes into effect&nbsp;Financial Services Forum CEO emphasizes the negative economic impacts of proposed capital requirements in Fortune op-ed&nbsp;Washington, D.C. – The Basel III Endgame proposal to increase bank capital requirements would harm consumers, small businesses, and the broader economy if implemented as proposed, Financial Services Forum President and CEO Kevin Fromer warned in an <a href="https://fortune.com/2023/12/06/us-economy-could-face-perfect-storm-basel-iii-endgame-goes-into-effect-finance-banks-kevin-fromer/">op-ed</a> published in Fortune.&nbsp;“The largest banks, fundamentally strengthened by a series of changes, have served as a source of support by extending enormous amounts of credit, helping customers navigate uncertainty, and stabilizing the broader banking sector at a critical moment,” Fromer said.“The future path of the U.S. economy is far from certain and hardworking Americans will pay a price if regulators demand new, unjustified capital requirements,” Fromer continued. “Policymakers must demand extensive changes to the Basel III Endgame proposal so the banking sector can continue its essential role in the U.S. economy–and to avoid taxing consumers and businesses for no appreciable benefit to financial stability.”Fromer also this week appeared on <a href="https://www.youtube.com/watch?v=OG5I1tnclm4">Bloomberg TV</a>. “We have been through many, many years of activity where these institutions have encountered everything you can throw at them and they have been operating with more than enough capital,” he said. &nbsp;Click <a href="https://fortune.com/2023/12/06/us-economy-could-face-perfect-storm-basel-iii-endgame-goes-into-effect-finance-banks-kevin-fromer/">here</a> to read the full op-ed.&nbsp;Go to smartbankcapital.com to learn more about the strength and resiliency of the nation’s largest banks and the costs of higher capital requirements.&nbsp;###&nbsp;The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. Visit our website: <a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter <a href="https://twitter.com/fsforum">@fsforum</a> and <a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>

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We advocate for sound policies that recognize the importance of ensuring that banks are able to support the economy, compete internationally, and remain strong. In particular, the Forum supports a review of the GSIB surcharge, a capital requirement that was agreed to internationally, but that U.S. regulators have implemented in a manner that places higher requirements on U.S. banks than that required of foreign competitors. 

The Forum has also weighed in on an international assessment of post-crisis reforms and the clear need to differentiate between jurisdictions and to acknowledge the progress made in the United States.


Capital and Financial Stability

ICYMI: The U.S. economy could face 'a perfect storm' if Basel III Endgame goes into effect

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Kevin Fromer

President and Chief Executive Officer

Fact Sheet

Nation’s Largest Banks Promote Board Diversity

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<ul><li>BNY Mellon&nbsp;started the <a href="https://www.bnymellon.com/us/en/about-us/diversity-inclusion.html">IMPACT</a> network to help cultivate a diverse and inclusive workplace by promoting the recruitment, retention, professional development and advancement of multicultural employees.</li><li>Morgan Stanley&nbsp;has established an ‘<a href="https://www.morganstanley.com/articles/diversity-hiring-black-banking-professionals">Experienced Professionals Program</a>’ to recruit Black professionals with two or more years of post-graduate or work experience for full-time positions to help expand the talent pool of Black financial professionals.</li><li>State Street&nbsp;helps create a diverse workforce through its <a href="https://www.statestreet.com/values/social-consciousness.html">Global Inclusion program</a>, which offers mentoring, events and performance goals focused on diversity and inclusion, and employee networks.</li></ul>

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Diverse Talent

We are building a pipeline of diverse talent by expanding the pool of diverse managers and ensuring an inclusive workplace.

<ul><li>Bank of America&nbsp;has a Global Diversity &amp; Inclusion Council chaired by CEO Brian Moynihan, which leads D&amp;I efforts and works with the management team setting related goals for the company.</li><li>Citi&nbsp;has named members of the CEO’s leadership team as co-chairs of its affinity groups, which set and reinforce the company’s diversity priorities and goals.</li><li>JPMorgan Chase&nbsp;<a href="https://www.jpmorganchase.com/news-stories/jpmc-announces-brian-lamb-as-global-head-of-diversity-inclusion">named</a> a new Global Head of Diversity &amp; Inclusion in April 2020, a newly created position that reports directly to the firm’s co-presidents.</li><li>Wells Fargo has created a new expanded diversity role reporting directly to the CEO, with a broad mandate to drive diversity and inclusion in both the firm’s workplace and business.</li></ul>

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Leadership Roles

Our institutions are establishing and empowering Diversity & Inclusion leadership roles dedicated to advancing diversity, inclusion and equity in the workplace in partnership with chief executives.

<ul><li>Bank of America&nbsp;offers Employee Networks that provide teammates from diverse backgrounds opportunities to connect with each other, develop leadership skills, and build strong ties with the communities they serve.</li><li>JPMorgan Chase&nbsp;has multiple <a href="https://careers.jpmorgan.com/us/en/about-us/diversity">Business Resource Groups</a> (BRGs) that help foster networks of employees and connect women and minority employees with each other to provide mutual support and sharing.</li><li>Morgan Stanley&nbsp;has multiple <a href="https://www.morganstanley.com/people-opportunities/enetworking">Employee Networks</a> designed to enhance employee engagement, deliver substantive content, create a framework for cross-business unit connectivity and idea-sharing, and advance the firm’s overall culture of inclusion.</li></ul>

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Employee Resource Groups

We have launched and expanded our Employee Resource Groups (ERGs) and other affinity groups to support employees and create conditions for them to succeed.

<ul><li>Bank of America&nbsp;has created unconscious bias trainings and offers diversity &amp; inclusion training.</li><li>Citi trains all hiring managers and Human Resources employees on unconscious bias.&nbsp;</li><li>JPMorgan Chase&nbsp;requires all employees to participate in unconscious bias and diversity &amp; inclusion training.</li><li>Wells Fargo&nbsp;requires live anti-racism manager training and has developed a series of educational sessions in which employees can share with their colleagues their personal stories and perspectives on the realities of racism in the U.S.</li></ul>

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Employee Trainings

We are creating and offering training focused on concepts like anti-racism, unconscious bias, and social justice.

<ul><li>Bank of America&nbsp;has committed to hiring 10,000 individuals from low- and moderate-income communities by 2023.</li><li>Citi has set a goal of having 30% Black and Hispanic/Latinx colleagues in its U.S. analyst and associate programs.</li><li>Goldman Sachs&nbsp;<a href="https://www.goldmansachs.com/media-relations/press-releases/current/update-on-inclusion-and-diversity.html">announced</a> a plan to, by 2025, achieve a representation among its vice presidents that equates to 40 percent women globally, 7 percent Black professionals in the Americas and UK, and 9 percent Hispanic/Latinx professionals in the Americas.</li><li>JPMorgan Chase&nbsp;has committed to hiring 4,000 Black students in full-time positions, apprenticeships and internships over the next five years.</li><li>State Street&nbsp;has <a href="https://www.statestreet.com/values/inclusion-diversity/diversity-goals.html">set</a> three- and five-year goals for achieving higher percentages of employees of color in SVP, MD, and VP positions across the firm.</li><li>Wells Fargo&nbsp;has committed to doubling the number of Black employees in leadership positions over the next five years.</li></ul>

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Hiring Commitments 

Our institutions have established hiring commitments to diversify our workforces.

**Our commitment to diversity, equity and inclusion**

Promoting Diversity, Equity and Inclusion

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State Street Corporation

Ron is chairman and chief executive officer of State Street Corporation. He is also a member of State Street Corporation’s Board of Directors. Ron was previously president and chief operating officer of State Street Corporation, and before that president and chief executive officer of State Street Global Advisors, the investment management arm of State Street Corporation. He joined State Street in 2015. Prior to State Street, Ron was president of Asset Management &amp; Corporate Services for Fidelity Investments, responsible for all Fidelity asset management organizations and Fidelity’s corporate functions and enterprise technology. He served at Fidelity from 2010 to 2014. Prior to joining Fidelity, Ron served as president and chief executive officer of BNY Mellon Asset Management in Boston, a position to which he was named in 2007. During this time, he also served as vice chairman of Bank of New York Mellon Corporation and was a member of its Executive Committee. Additionally, Ron oversaw all of Bank of New York Mellon’s activities in Asia. Prior to the 2007 merger of Bank of New York and Mellon, he was vice chairman of Mellon Financial Corporation and president and chief executive officer of Mellon Asset Management. He served at Mellon and Bank of New York Mellon from 1997 to 2010. Prior to Mellon, Ron was with McKinsey &amp; Company, Inc., from 1986 to 1997 and was elected a partner in 1992. He founded the Investment Management practice worldwide and was co-founder and co-leader of the firm’s North American Personal Financial Services practice. Additionally, he was a member of the Worldwide Property &amp; Casualty Insurance practice. During his tenure with McKinsey, Ron served in the firm’s Boston, New York, and Stockholm offices. Ron received his Bachelor of Arts degree in political science from Syracuse University in 1980 and his Master of Business Administration from Harvard Business School in 1986. Ron serves on the boards of Unum Corp. and Rhode Island Commerce Corporation. He also serves on the boards of Beth Israel Lahey Health, The Boston Foundation, IYRS School of Technology and Trades, Syracuse University and WBUR. Ron’s philanthropic and civic interests include corporate governance, retirement/healthcare policy and funding, education, and climate. He has led several initiatives on gender equality. Ron is a frequent speaker and writer, and an avid offshore sailboat racer.

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Ronald O'Hanley

State Street Corporation Chairman And Chief Executive Officer, Forum Chair

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Citigroup

Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, serving millions of consumers, businesses and institutions across 160 countries and jurisdictions. She is the first female CEO in the firm’s history. Jane has deep experience across Citi’s consumer and institutional businesses and, in many ways, she helped shape Citi into the company it is today. Before becoming CEO in February 2021, she was President of Citi and CEO of the Global Consumer Bank, responsible for all of Citi’s Consumer businesses, including Retail Banking and Wealth Management, Credit Cards, Mortgage and Operations and Technology in 19 markets. Before that, she was the Chief Executive Officer of Citigroup Latin America from 2015 to 2019. From 2013 to 2015, she was the Chief Executive Officer of the U.S. Consumer and Commercial Banking and CitiMortgage. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. She joined Citi in 2004 in the Corporate and Investment Banking division.
Before joining Citi, Jane was a Partner at McKinsey & Company. She started her career at Goldman Sachs in the Mergers & Acquisitions department in London and then worked for Asesores Bursátiles in Madrid, Spain. Jane serves as a Board Member for the Business Roundtable and the Council on Foreign Relations. She is Vice Chair for the Partnership for New York City and a member of Harvard Business School’s Board of Dean’s Advisors, the Stanford Global Advisory Board and the Economic Club of New York. Jane has an M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University. She is married with two children.

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Jane Fraser

Citigroup Chief Executive Officer, Forum Vice Chair

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Bank Of America

Brian Moynihan leads a team of more than 200,000 employees dedicated to making financial lives better for people, companies of every size, and institutional investors across the United States and around the world.

Bank of America is recognized as a top employer by Working Mother magazine and Military Times. The company is also listed on Fortune magazine’s list of the Best Workplaces for Diversity and the Best Workplaces for Parents. It was also named one of the Best Places to Work for Disability Inclusion by the U.S. Business Leadership Network and the American Association of People with Disabilities. In 2018, Euromoney recognized Bank of America as the World’s Best Bank and the World’s Best Bank for Diversity and Inclusion, as part of their annual Global Awards for Excellence. Bank of America was also named the 2019 Catalyst Award winner, honored for supporting the continued development, empowerment and advancement of women in the company and around the world.

Moynihan participates in several organizations that focus on economic and market trends, including the World Economic Forum International Business Council, the Financial Services Forum, the Bank Policy Institute (chair), the Business Roundtable, and the American Heart Association CEO Roundtable (co-chair). He is also a member of the Federal Advisory Council of the Federal Reserve Board.

Moynihan leads the company’s Global Diversity and Inclusion Council and is a member of the museum council for the Smithsonian’s National Museum of African American History and Culture. Moynihan is also a member of the Brown University Corporation’s Board of Fellows and the Congressional Medal of Honor Foundation Board.

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Brian Moynihan

Bank Of America Chairman Of The Board And Chief Executive Officer

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BNY Mellon

Robin Vince is President and Chief Executive Officer of BNY Mellon and a member of its Board of Directors. Previously, he was Vice Chair of BNY Mellon and CEO of Global Market Infrastructure. In that role, he oversaw BNY Mellon’s Clearance and Collateral Management, Treasury Services, Markets and Execution Services and Pershing businesses.

Prior to joining BNY Mellon in October 2020, Robin was the Chief Risk Officer of Goldman Sachs and a member of the Management Committee. He joined Goldman Sachs in 1994 and held many leadership roles, including Treasurer, Head of Operations, Head of Global Money Markets, COO of the EMEA region and CEO of Goldman Sachs International Bank, among others. He served on several key subsidiary boards and governance committees. He was named managing director in 2002 and partner in 2006.

Robin is a member of National Geographic Society's Hubbard Council and serves on the Board of Advisors of The Hospital for Special Surgery.

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Robin Vince

BNY Mellon Chief Executive Officer

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The Goldman Sachs Group, Inc.

David Solomon is Chairman and Chief Executive Officer and a member of the Board of Directors of The Goldman Sachs Group, Inc.

Previously, he was President and Chief Operating Officer and prior to that, he served as Co-Head of the Investment Banking Division from 2006 to 2016. Before that, Mr. Solomon was Global Head of the Financing Group, which includes all capital markets and derivative products for the firm’s corporate clients. He joined Goldman Sachs as a Partner in 1999.

Mr. Solomon is a member of the Board of Trustees of Hamilton College and serves on the board of The Robin Hood Foundation.

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David Solomon

The Goldman Sachs Group, Inc. Chairman and Chief Executive Officer

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JPMorgan Chase & Co.

Jamie Dimon is Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., a global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers, small business, commercial banking, financial transaction processing and asset management.

Dimon became CEO on January 1, 2006 and one year later also became Chairman of the Board.  He was named President and Chief Operating Officer upon the company’s merger with Bank One Corporation on July 1, 2004. Dimon joined Bank One as Chairman and CEO in 2000.

Dimon began his career at American Express Company.  Next, he served as Chief Financial Officer and then President at Commercial Credit, which made numerous acquisitions and divestitures, including acquiring Primerica Corporation in 1987 and The Travelers Corporation in 1993. Dimon served as President and Chief Operating Officer of Travelers from 1990 through 1998 while concurrently serving as Chief Operating Officer of its Smith Barney Inc. subsidiary before becoming co-Chairman and Co-CEO of the combined brokerage following the 1997 merger of Smith Barney and Salomon Brothers.  In 1998, Dimon was named President of Citigroup Inc., the global financial services company formed by the combination of Travelers Group and Citicorp.

Dimon earned his bachelors degree from Tufts University and holds an MBA from Harvard Business School. He serves on the boards of directors of a number of non-profit institutions including the Clearing House and Harvard Business School. Additionally, he is the Chairman of the Business Roundtable and serves on the executive committee of the Business Council and the Partnership for New York City, and is a member of the Financial Services Forum, Financial Services Roundtable and Council on Foreign Relations.

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Jamie Dimon

JPMorgan Chase & Co. Chairman And Chief Executive Officer

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Morgan Stanley

Mr. Gorman is Chairman and CEO of Morgan Stanley.

Mr. Gorman became CEO in January 2010 and Chairman in January 2012. He joined the Firm in February 2006 and was named Co-President in December 2007.

Before joining Morgan Stanley, Mr. Gorman held a succession of executive positions at Merrill Lynch. Prior to this, he was a senior partner of McKinsey & Co. and began his career as an attorney in Melbourne, Australia.

Among his civic activities, Mr. Gorman serves as a Director of the Federal Reserve Bank of New York and the Council on Foreign Relations, and is a member of the Board of Overseers of the Columbia Business School, the Monetary Authority of Singapore International Advisory Panel, the Business Council, and the Board of the Institute of International Finance.

He formerly served as President of the Federal Advisory Council to the U.S. Federal Reserve Board, Co-Chairman of the Partnership for New York City, Chairman of the Board of the Securities Industry and Financial Markets Association and Co-Chairman of the Business Committee of the Metropolitan Museum of Art.

Mr. Gorman, who was born in Australia, earned a B.A. and Law degree from the University of Melbourne and an M.B.A. from Columbia University.

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James Gorman

Morgan Stanley Chairman And Chief Executive Officer

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Wells Fargo & Company

Charles W. Scharf is chief executive officer and president, and a member of the Board of Directors of Wells Fargo & Company.

A financial services veteran with 24 years of experience in leadership roles in the banking and payments industries, Charlie served as chief executive officer of Bank of New York Mellon from July 2017 to October 2019 and the chairman of its board from January 2018 to October 2018. He also was chief executive officer and a director of Visa Inc. from October 2012 to December 2016.

During his tenure at Bank of New York Mellon, Charlie demonstrated a strong track record in initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape.

As the CEO of Visa, Charlie transformed the firm into a technology-driven digital commerce company by partnering with the world’s leading technology companies to drive new payment experiences and introduce new technologies to improve payment system security.

Previously, he was a managing director of One Equity Partners at JPMorgan Chase & Co. and chief executive officer of Retail Financial Services at JPMorgan Chase. He also was chief executive officer of the retail division of Bank One Corp., chief financial officer of Bank One Corp., chief financial officer of the Global Corporate and Investment Bank division of Citigroup, and chief financial officer of Salomon Smith Barney and its predecessor company.

Charlie earned a Bachelor of Arts degree from Johns Hopkins University and an MBA from New York University.

He is a director of Microsoft Corporation, serves on the board of trustees of Johns Hopkins University, is a member of The Business Council, and is chairman of the New York City Ballet. He lives in New York City.

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Charles Scharf

Wells Fargo & Company Chief Executive Officer And President

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