CONTACT: Barbara Hagenbaugh(202) 457-8783bhagenbaugh@fsforum.com&nbsp;Global coordination, recognition of unique business models essentialWashington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement today following the release of the Financial Stability Oversight Council’s (FSOC) report on climate-related financial risks and financial stability:“The nation’s largest banks are committed to working with regulators in the United States and around the globe to achieve the shared goal of assessing and accounting for all risks, including those related to climate change and the transition to a low-carbon economy. We welcome the report from the FSOC and look forward to reviewing it closely.“In addition to their commitments to sustainable finance and carbon neutrality, the nation’s largest banks have taken substantial steps to identify, assess, and manage climate-related financial risk. Climate change poses unique challenges to each institution, and Forum members deploy a number of risk-management tools -- from scenario analysis to risk identification -- to assess their distinct exposures and vulnerabilities resulting from climate change.&nbsp;“Addressing climate change also requires thoughtful policies across all industries. Global coordination is essential as regulators around the world consider priorities for climate risk management, including data collection and standardization, disclosures, and support for innovation. At the same time, it is imperative that financial regulators recognize that every bank is different with its own unique business model and customer base, requiring an individualized approach to climate risk management. We look forward to continued collaboration on these matters.”&nbsp;&nbsp;&nbsp;###&nbsp;BackgroundU.S. Global Systemically Important Banks (GSIBs) recognize that climate change poses risks to the world’s economy and financial system, as well as offers opportunities to foster innovation and mobilize capital. U.S. GSIBs are undertaking significant efforts to assess and manage climate-related risks and have announced support of the Paris Agreement goals of limiting the increase in global average temperature to well below 2 degrees Celsius above preindustrial levels. Firms are analyzing and developing Paris-alignment strategies to support their clients and the global economy to meet this goal.Learn more about what Forum members are doing to assess and manage risks associated with climate change and their related commitments <a href="https://fsforum.com/our-impact/combatting-climate-change">here</a>.&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, financial inclusion, a competitive global marketplace, and a sound financial system. &nbsp;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>

Largest U.S. Banks Welcome Efforts to Advance Climate Change Risk Management

Dear reader,Welcome to the sixth edition of The Forum File. With this newsletter, we’re focusing on how our members have worked to remove barriers for underserved populations and expand banking services across the country to create a more inclusive economy.We appreciate your readership and hearing your feedback.&nbsp;Kevin Fromer, President and CEO, Financial Services Forum&nbsp;&nbsp;<h2>Penny For Your Thoughts</h2>&nbsp;“For us, it’s about human connection – personalized financial guidance, while also giving our customers the benefit to bank wherever and however they want.”- Jennifer Roberts, Chase Consumer Banking CEO&nbsp;<h3>Chase recently announced that it expanded its retail branches to all 48 states in the contiguous United States, the first of any bank. Can you tell us more about this milestone and how you got there?</h3>In 2018 we committed to expand our branch network to 20 new markets across the U.S. These were markets where we already had a strong customer base, including through our credit cards, or larger client relationships through Commercial or Investment Banking. We knew that the physical retail presence was what was missing, as it would give more customers expanded access to our products, digital tools, and tailored in-branch experiences, like financial advice and financial health workshops.At the time, we had branches in 23 states, and in the first year expanded to large cities like Washington D.C., Philadelphia and Boston. The response locally was incredible, and account openings and performance far exceeded our expectations for branches in new markets. &nbsp;This feedback allowed us to accelerate our expansion to reach all lower 48 states, which is an incredibly important milestone for us. We can now serve millions more customers and businesses across the country, including many communities that have traditionally been underserved, and create thousands of new jobs. As part of our expansion efforts, we’ve hired nearly 2,500 employees to work in our branches, 80% of whom are right from the local community where the branch sits.<h3>Even with the rise in digital banking, especially in the COVID crisis, Chase is still opening branches. What’s the strategy there?</h3>We are big believers in our branches. We see them as community anchors, connecting neighbors and local businesses to the right financial resources to meet their needs.This was especially true during the pandemic. While we saw more customers turn to digital channels to make everyday transactions, they still sought out the branch for in-person advice for help through challenging times – whether it was to discuss a loss of income or supporting their elderly parents. Despite the challenge of the last year, we were still able to open nearly 200 branches across the country from March to December 2020.The difference is that with digital, we need fewer branches in a market than we did five or ten years ago and can serve just as many customers – if not more. Customers can do most of their daily transactions online or through our mobile app, but with branches – which we place in locations based on where customers live, work and shop – we’re able to offer more personalized financial health tips and education.We’re also being more creative with how we think about the customer experience in the branch and bringing together physical and digital channels. We just started testing what we call ‘bank on wheels’ – a 385 square foot truck that has wi-fi, lobby space, private meeting rooms and an ATM that is driving between two towns in rural West Virginia. This format allows us to meet our customers where they are, making banking easier and giving them more choice and convenience, while optimizing how we enter new markets.<h3>What does the future of branches look like at Chase?</h3>You’ll see us continue to innovate for our customers, whether it’s in the branch, through digital and mobile, or new customer channels. The important thing is that we offer customers flexibility and choice so that they bank with us wherever or however they want to, while getting a consistent and seamless experience, no matter the channel.&nbsp;Prior to the pandemic, we began piloting a new channel called virtual banking, a way for Chase customers to establish a relationship with a banker over the phone instead of coming into the branch. This channel has been so important as many customers haven’t been able to leave home, but still value human interaction and advice when it comes to their finances. We also offer customers the ability to schedule meetings – in branch or virtually – including after traditional banking hours to offer more flexibility.And understanding that branches aren’t one-size-fits-all, we’re introducing new formats tailored to local community needs. We recently opened new Community Center branches, including in Stony Island in Chicago and Oak Cliff in Dallas, that offer more space for community events, financial health workshops, and small business pop-ups.For us, it’s about human connection – personalized financial guidance, while also giving our customers the benefit to bank wherever and however they want.<h2>&nbsp;</h2><h2>Value Add</h2>Exploring how to expand the credit box in a safe, responsible and sustainable way&nbsp;<figure class="image image_resized" style="width:75%;"><img src="https://fsforum.com/a/media/chasebankopening.jpg"></figure>&nbsp;Finding new ways to improve how we assess the credit worthiness of the 50 million Americans who lack a credit score is an important challenge for the banking industry, credit bureaus, regulators, legislators, community organizations and technology partners to solve.In our view, making sustainable and responsible progress in this area is beneficial to consumers and the entire financial services industry.To this end, we gladly accepted the invitation from the Office of the Comptroller of the Currency (OCC) to meet with leading thinkers and consider options that would help our industry responsibly expand on traditional definitions of credit worthiness through Project REACh.We are also partnering with Early Warning Services, LLC to build on what we’ve already learned over the last five years and begin expanding the insights we consider for credit decisions to include deposit activity for roughly 700,000 “credit invisible” customers. We look forward to exploring how we can evolve future underwriting models using the alternative data banks provide.We’re beginning with deposit account information and as we gain experience we’ll consider expanding into other areas, such as rent, utilities and other payment information. While we are deliberate about evaluating how to best expand the credit box, we will ensure it is done in a safe, responsible and sustainable way. The stakes are too high to do it any other way.&nbsp;<h2>Capitol Gains</h2>What we’re doing in Washington&nbsp;We <a href="https://fsforum.com/a/media/jointtradesletterinsupportoftheadjustableinterestrate(libor)act.pdf">advocated for the passage</a> of the Adjustable Interest Rate (LIBOR) Act to address “tough legacy” contracts that currently reference London Interbank Offered Rate (LIBOR), which expires in June 2023. This legislation would allow trillions of dollars of hard-to-modify financial contracts, securities, and loans that use LIBOR to either convert to a non-LIBOR rate or be amended to add adequate fallback language.<a href="https://fsforum.com/news/forum-backs-global-standards-for-cryptoasset-regulation">Responding to a proposal </a>from the Basel Committee on Banking Supervision, the Forum and other financial services trade associations welcomed the focus on designing a global prudential framework for cryptoassets. The associations noted the importance of global standards to ensure regulated banks are able to meet the demands of consumers and businesses.The Forum <a href="https://fsforum.com/a/media/jointtradesdebtlimitletter.pdf">joined</a> several other trade associations representing financial institutions of all sizes in a letter fully supporting Congressional efforts to raise the federal debt ceiling without delay. A failure to act would negatively impact the creditworthiness of the United States to the detriment of financial stability and the overall economy, the associations said.In addition, we reiterated that the largest banks in the United States remain strong, well-capitalized and a source of strength during the current global health pandemic, continuing to support American consumers, businesses and communities and a robust, inclusive and sustainable economic recovery.<ul><li>Capital requirements for the eight largest U.S. banks have increased over the past several years—not decreased. On average, regulatory capital requirements – inclusive of buffers – more than doubled from 4.5% in 2015 to 10.6% in 2021.</li><li>Liquidity requirements for the largest U.S. banks have also increased. The 2021 finalization of the Net Stable Funding Ratio further enhanced the stringency of liquidity requirements applied to Forum members.</li><li>The Federal Reserve conducts stress tests of the largest financial institutions in the country at least once a year.&nbsp; As part of this process, the Fed uses a hypothetical economic loss scenario substantially worse than the 2008 financial crisis. While these theoretical losses are substantial, they are consistently a fraction of the capital held by Forum member banks.</li></ul><a href="https://fsforum.com/a/media/regulatoryreality.pdf">Learn more.</a>&nbsp;<h2>Our Two Cents</h2>Research from the Forum&nbsp;The BankNotes Blog Spotlighted:<ul><li>The Forum members <a href="https://fsforum.com/news/ppp-lending-forum-members-come-through-big-for-small-business">continued to focus on providing loans to small businesses</a> as the Paycheck Protection Program extended into 2021, according to data released by the Small Business Administration (SBA).</li></ul>&nbsp;<h2>Checking the Balance</h2>Members in the news&nbsp;<a href="https://urldefense.com/v3/__https:/www.bloomberg.com/news/articles/2021-09-08/bofa-debuts-program-to-move-further-away-from-overdraft-fees?utm_source=google&amp;utm_medium=bd&amp;cmpId=google__;!!I2XIyG2ANlwasLbx!DdlOqk73ztB0buf7L97LnTl2J37y9xdy9mVlQkwGl3yTILoimRrw6vtSnoJJaLZmyQ$">Bloomberg recently reported</a> on Bank of America’s new overdraft protection program Balance Connect, which allows consumer and small business clients to link their checking account to up to five other Bank of America accounts. The firm also <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/09/bank-of-america-safebalance-banking-surpasses-three-million-clie.html">announced</a> that over three million clients now use&nbsp;SafeBalance Banking, an account that has no overdraft fees and helps clients manage their day-to-day finances. The company’s&nbsp;Balance Assist product, which&nbsp;became available nationally in March, will soon surpass 100,000 loans. The program offers an affordable way for eligible clients to manage their short-term liquidity needs.BNY Mellon announced that several of its employees were recognized for their contributions to gender diversity in the workplace by being named to the <a href="https://www.bnymellon.com/us/en/about-us/newsroom/company-news/bny-mellon-leaders-recognized-on-2021-heroes-women-role-model-lists.html">2021 HERoes Women Role Model Lists</a>. The lists recognize female and male leaders who elevate female talent and encourage diversity in the workplace. The bank was also named one of <a href="https://www.bnymellon.com/us/en/about-us/newsroom/company-news/bny-mellon-named-to-fast-companys-100-best-workplaces-for-innovators.html#:~:text=BNY%20Mellon%20has%20been%20named,across%20a%20variety%20of%20industries.">Fast Company’s Best Workplaces for Innovators for 2021</a>. This annual list recognizes the top 100 businesses that inspire, support and promote innovation at all levels. BNY Mellon was specifically recognized for its investments in infrastructure to support innovation.<a href="https://www.citigroup.com/citi/news/2021/210811a.htm">Citi announced the launch</a> of Bridge built by Citi, a new lending platform that helps small and medium-sized businesses connect with various regional, local and community banks online for loans up to $10 million. The development and launch of Bridge built by Citi is part of the company’s long-standing commitment to inclusive access to capital and support of innovative, digital-first solutions in financial services.<a href="https://www.wsj.com/articles/goldman-sachs-other-financial-firms-back-program-to-diversify-wall-street-11628764200">The Wall Street Journal covered</a> Goldman Sachs’ partnership with The City University of New York and a pair of other financial firms to create CUNY Futures in Finance, a comprehensive workforce development initiative to cultivate and train CUNY students for careers in the financial industry. The initiative will launch at three CUNY colleges and plans to expand to more schools over time. The funding will provide internship opportunities, career-development staff and help with post-college hiring.JPMorgan Chase <a href="https://www.jpmorgan.com/news/supporting-servicemembers-and-afghan-resettlement-efforts">committed $1 million</a> to supporting servicemembers and veterans, and to aid Afghans seeking better lives.&nbsp;Through contributions to&nbsp;Blue Star Families and&nbsp;Iraq and Afghanistan Veterans of America, the firm will support mental health care and other services for those in military and veteran communities who have been touched by the conflict, including the bank’s employees and families. The firm is supporting resettlement for Afghans through contributions to the&nbsp;International Rescue Committee.Morgan Stanley through its Alliance for Children’s Mental Health launched a <a href="https://www.morganstanley.com/articles/reemergence-program-teens-mental-health">Reemergence Program</a> to provide support and resources for families and educators addressing children’s mental health issues leading up to the 2021-2022 school year. This multi-faceted program aims to help teens re-engage with school and their daily activities. Key components of the program include a&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.morganstanley.com%2Fassets%2Fpdfs%2Freemergence-program-teen-survey-factsheet.pdf&amp;esheet=52485988&amp;lan=en-US&amp;anchor=national+survey+of+U.S.+teens&amp;index=3&amp;md5=53a87eec6c71cf20d2dc5a8150763844">national survey of U.S. teens</a> and <a href="https://www.morganstanley.com/press-releases/educators-anticipate-impact-to-school-year-from-student-mental-h">high school educators</a>,&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.morganstanley.com%2Fassets%2Fpdfs%2Freemergence-program-educator-tips-english.pdf&amp;esheet=52485988&amp;lan=en-US&amp;anchor=tip+sheets&amp;index=4&amp;md5=ae8770af1b99513b42c0be575dca443a">tip sheets</a>, digital resources and a convening for educators.State Street was named to <a href="https://www.workingmother.com/2021-seramount-inclusion-index-organizations">Seramount's 2021 Inclusion Index</a> for the financial institution’s commitment to advancing diversity, equity and inclusion in the workplace. Additionally, the bank’s Latin American Professional Network was named a Top 25 Employee Resource Group by the Association of ERGs &amp; Councils.&nbsp;Wells Fargo is <a href="https://newsroom.wf.com/English/news-releases/news-release-details/2021/Wells-Fargo-Helps-Keep-People-Housed-through-Nearly-11-Million-Grants-to-19-Nonprofits/default.aspx">providing nearly $11 million</a> in additional grant funding to seven legal-assistance organizations and 12 housing counseling agencies to help keep people housed as millions face housing and rental instability due to the COVID-19 pandemic. Funding will provide urgent housing counseling and legal assistance services to help more than 250,000 people stay in their homes.

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The Forum File, Edition 6

<h3>Introduction</h3>Yesterday’s release of the FSOC Report on Climate-Related Financial Risk clearly demonstrates increased attention by policymakers and the public on the potential impact that climate change may have on the financial system.&nbsp; By climate change, we mean long-run changes in our climate that are expected to unfold over several decades. Large financial institutions have already taken a number of important steps to identify, assess, and manage climate-related financial risk. When we think about how climate change may inform large bank regulation, we must be thoughtful about the challenges presented by climate change, the risks that capital are intended to address, and measures institutions and regulators are already taking to address the complexities of climate change.&nbsp; In this post, we discuss climate change and its relation to large bank capital and risk-management policies.&nbsp; As in the FSOC report, we find that a focus on risk management, including scenario analysis, is important to address climate-related financial risk.<h3>Climate Change, Risk Management and Large Bank Capital</h3>A key characteristic of climate change is its long horizon.&nbsp; The effects of climate change are expected to unfold over decades, and not months.&nbsp; Capital requirements are keyed to a much shorter horizon, such as a few months or quarters.&nbsp; The reason for this short-term horizon goes to the central purpose of capital.&nbsp; Capital is a financial resource contributed by shareholders that is intended to absorb losses in the short-term that can’t otherwise be mitigated through risk-management actions.&nbsp; In this sense, risk management is the “first line of defense,” while capital is the “last line of defense.”&nbsp; When dealing with long-term trends, banks regularly engage in a number of risk-management activities that change and improve their economic risk exposures long before capital would be needed.&nbsp;For example, if banks perceive a rising risk of flooding over the next 25 years from rising coastal sea levels, they can incorporate those views directly into their lending decisions.&nbsp; This proactive risk management is forward-looking and comes well before any build-up of risk.&nbsp; Moreover, this risk-management activity effectively responds to emerging climate trends to efficiently reallocate resources from those industries and assets that are expected to be most affected by climate change.&nbsp; The long-run nature of climate change strongly suggests that risk-management policy should be proactively applied over time to ensure bank safety and soundness while also ensuring an agile economy that responds to the market signals presented by a changing climate.&nbsp;Some have argued that capital policy should be recalibrated to address climate change because higher capital requirements will disincentivize certain activities that may contribute to climate change.&nbsp; It is certainly true that higher capital requirements increase the cost of financing and disincentivize investment.&nbsp; At the same time, it is critical to recognize that the primary purpose of capital requirements is to ensure a safe and sound banking system by guarding against short-run economic shocks that can’t be predicted.&nbsp; Capital requirements that are designed to incentivize economic behavior risk reducing the effectiveness of capital as a tool to support bank safety and financial stability.&nbsp; In addition, it is important to note that predicting how climate change will impact different parts of the economy is extremely difficult given all of the uncertainties and connections between different sectors, industries and climate policy.&nbsp; Accordingly, using capital requirements to influence investment decisions risks creating the wrong incentives that would impede the most productive means of dealing with climate change.Finally, two potential consequences of using capital requirements to deal with climate change should be considered.&nbsp; First, increasing the cost of credit to certain industries may frustrate their ability to invest in emerging technologies needed to address climate change.&nbsp; Second, disincentivizing certain activities through bank capital requirements may simply push those activities outside of the regulated banking sector, which may have broader financial stability effects while not influencing the overall level of activity.<h3>Climate Change and Stress Testing</h3>Some have also suggested that climate change be incorporated into bank stress tests that assess large bank resiliency over a nine-quarter horizon.&nbsp; As discussed, the long horizon associated with climate change simply does not line up with the relatively short horizon of the stress tests.&nbsp; Also, stress tests are currently implemented by assuming that balance sheet composition is fixed and unchanging.&nbsp; In the case of climate change, this assumption would be violated as banks’ risk-management assessments will lead them to adjust their business models to account for the long-run challenges of climate change.Further, unlike more traditional capital requirements, the stress tests are designed to assess bank resiliency in a period of financial and macroeconomic stress.&nbsp; It is altogether unclear that a period of short-term macroeconomic stress would coincide with a period of climactic stress. Climate change’s lack of any clear association with relatively short-term macroeconomic stress makes its inclusion into the stress tests even more problematic.<h3>Climate Change and Risk Management</h3>If capital requirements and stress testing are not natural policy levers for addressing climate change, then what policies can be effective?&nbsp; Ongoing and active risk management by large banks is a critical tool for addressing climate change.&nbsp; Climate change and the associated government policy response may well have wide-ranging economic ramifications over the long run.&nbsp; As banks assess these impacts on the economy, they will make decisions about resource allocation and business lines that directly respond to fundamental economic signals – such as the economic signal sent by a carbon tax.&nbsp;One tool that has been discussed in this context is scenario analysis.&nbsp; Scenario analysis maps out the potential impact of long-run climactic change – such as a rise in coastal sea levels – and then assesses a bank’s exposure to that change.&nbsp; Scenario analysis is a useful tool in this regard for two reasons.&nbsp; First, such analyses are, by design, exploratory as it is hard to predict what will occur over long periods of time.&nbsp; Scenario analyses allows for considerable flexibility in measuring the impact of climate change and recognizes the uncertain nature of the exercise.&nbsp; In particular, scenario analysis can be flexibly targeted to the specific assets and exposures of an individual bank in a way that would not be possible with a standardized climate scenario.&nbsp; Second, scenario analyses can be useful for identifying those businesses, assets and practices that may need to change over the long run. As experience with scenario analyses builds, and data on climate change unfold, banks can take concrete risk-management steps that align with the economic realities they face.<h3>Conclusion</h3>A changing climate presents a number of important issues for our environment and society over a long period of time.&nbsp; As we deal with these challenges, it is important to keep the appropriate role of risk management and bank capital requirements in perspective.&nbsp; As the first line of defense, risk management has a natural role to play in the long-term management of climate-related challenges.&nbsp; In light of the long-run nature of climate change, capital and stress testing policy is less likely to be the most appropriate policy tool for addressing climate change.&nbsp; Using capital requirements to address climate change risks reducing the effectiveness of capital as a safety and soundness tool, reducing the availability of finance to those sectors that will need to address climate-related challenges, and may push important activities outside the regulated banking sector.&nbsp; Ultimately, addressing climate change will require a persistent, economy-wide effort that involves all sectors to ensure that we address climate change in a way that is effective and inclusive without leaving any segment of the economy behind.&nbsp;&nbsp; &nbsp;

First Things First: Climate, Risk Management, and Capital for Large Banks

COVID-19 Response

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Sean Campbell

Chief Economist, Head of Policy Research

Article

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Forum members recognize that climate change poses risks to the world’s economy.
The transition to a low-carbon economy will occur over several decades and requires collaboration between a wide range of industries and government. The Forum advocates for appropriate policies and international cooperation to ensure that climate policies and regulations related to the financial industry are based on science, risk, and sound methodologies.


Climate Finance

Wells Fargo

External Link

Wells Fargo Donates $1 Million for California Wildfire Relief and Recovery Efforts

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<ul><li>We hold more than $4.2 trillion in loans, accounting for 40% of total lending to businesses and households.</li><li>We provide more than $679 billion, or nearly half, of all consumer loans by banks in the U.S., supporting everything from the purchase of a new car to furnishing a new home.</li><li>Lending by our institutions accounts for 34% of total commercial and industrial (C&amp;I) lending by banks, helping businesses grow and contribute to the economy.</li><li>We represent a major source of lending to small businesses in communities across the country, holding $126 billion in small business loans&nbsp;and allowing the economy to grow at both a local and national level.</li><li>We also collectively meet nearly three-quarters of the bank funding needs of other financial institutions, supporting community banks, insurance companies and mortgage finance companies, for example, which then provide important services to businesses and households.</li></ul>

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Lending

Our institutions lend to consumers, businesses and other financial institutions, promoting savings and investment that positions individuals and entities at all layers of the U.S. economy for resiliency and success. At the same time, we are supporting consumers, governments, and businesses of all sizes in growing and creating American jobs.

<ul><li>We underwrite nearly three-quarters of debt and equity transactions – such as initial public offerings – among large institutions in the U.S., providing a critical service that other U.S. institutions cannot offer on a similar scale.</li><li>With $4.2 trillion of mutual funds and annuities under management, we support the retirement and other savings needs of many Americans.</li><li>We finance a significant portion of state and local government expenditures for vital projects, like hospitals, roads, bridges, and schools, through $120 billion in municipal securities holdings. Additionally, we support a large portion of federal government expenditures through $1.1 trillion in U.S. Treasury securities holdings.</li></ul>

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Liquid Capital Markets

Our institutions help foster deep and liquid capital markets, ensuring the U.S. government and private institutions are able to effectively finance public spending and investments in the real economy. 

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Our Employees

Our institutions collectively employ more than 750,000 people, offering a variety of benefits and opportunities to help our employees achieve their personal and professional goals.

Forum members increased credit to businesses and households by 10%
to nearly $8.3 trillion in 2020.


Essential to the U.S. Economy

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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, Forum Chairman

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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 & 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 & 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 & 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 Vice Chairman

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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

Todd Gibbons currently serves as the Chief Executive Officer of BNY Mellon. Prior to that, Todd had been a Vice Chairman of BNY Mellon and CEO of Clearing, Markets and Client Management. In that role he oversaw the Pershing clearing business; the trading, financing, collateral and liquidity management solutions delivered through the Markets business; treasury services and commercial payment activities; the U.S. government securities clearance and U.S. tri-party repo businesses delivered through BNY Mellon Government Securities Services Corp; credit services; global client management; and regional area management. From 2008 through 2017, he served as CFO. Previously, for six years he was Chief Risk Policy Officer, overseeing credit, operational and market risk management of the company and The Bank of New York.

Todd also served as CFO of The Bank of New York for almost a year prior to the merger. He first joined The Bank of New York in 1986 and held top management positions in the capital markets business, including head of global treasury, with responsibility for asset and liability management, funding, money market trading, swaps and derivative products. Prior to joining The Bank of New York, he was assistant treasurer at Handy and Harman, a leading refiner, processor and fabricator of precious metals.

Todd is a member of BNY Mellon’s Executive Committee. He also serves on the advisory board of Wake Forest University’s Business School. He holds a B.S. in Business Administration from Wake Forest University and an MBA from Pace University.

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Thomas Gibbons

BNY Mellon Chief Executive Officer

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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.

She is Vice Chair for Partnership for New York City and a member of the Harvard Business School’s Board of Dean’s Advisors, the Stanford Global Advisory Board, the Economic Club of New York and the Council on Foreign Relations. 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

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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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We are the eight largest and most diversified financial institutions headquartered in the United States. Our more than 750,000 U.S. employees&nbsp;serve millions of consumers, businesses, investors, and communities across the country.

Forum members increased credit to businesses and households by 10% to nearly $8.3 trillion in 2020.

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

The Forum supports proposals that would require public companies to annually disclose the gender, race, ethnic, and veteran status of their boards of directors, nominees, and senior executives. Diversity of corporate boards is an area of focus for our institutions and is critically important to investors and other stakeholders.

Board diversity ensures representation of differing experiences and perspectives and allows for unique approaches to solve complex problems. Our members recognize that board diversity bolsters competitiveness around the world, helps foster a sustainable and inclusive economy, and leads to better results for consumers, clients, and communities.


Diversity, Equity and Inclusion

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<ul><li>Citi has provided $173 million in capital, administered over $886 million in financing, and committed more than $79 million in philanthropic funding to more than 80 CDFIs across the country since 2015. The bank has also made its ATM network available free of charge to clients of nearly 30 MDIs and CDFIs – providing their customers with convenience and nearly $1 million in savings.</li><li>Goldman Sachs&nbsp;provided $774.5 million to eight different CDFIs between 2016 and 2020.</li><li>JPMorgan Chase&nbsp;has made 64 loans totaling more than $870 million to CDFIs and invested more than $1.4 billion in 49 different CDFIs through the New Markets Tax Credit program since 2015. Additionally, from 2015 to 2019 the firm provided 1,001 grants to 145 CDFIs totaling $194 million and continues to mentor and advise select MDIs and CDFIs to help them achieve their future success.</li><li>Morgan Stanley&nbsp;has provided $3.6 billion in investment in 41 CDFIs and $30.5 million in investment in three MDIs between 2016 and 2020. Additionally, the firm has <a href="https://www.morganstanley.com/press-releases/morgan-stanley-announces--10-million-to-support-minority-deposit">committed</a> $10 million in grants supporting MDIs.</li><li>Wells Fargo&nbsp;has invested $847 million in 305 unique CDFIs through grant and debt capital since 2015. Additionally, the bank has <a href="https://stories.wf.com/wells-fargo-announces-seeking-commit-50-million-capital-minority-depository-institutions/">committed</a> to investing up to $50 million in capital for MDIs.</li></ul>

We are supporting hundreds of Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) by providing over $8.5 billion in capital and financing between 2016 and 2020.

<ul><li>Bank of America&nbsp;in 2020&nbsp;<a href="https://newsroom.bankofamerica.com/press-releases/bank-america-announces-four-year-1-billion-commitment-supporting-economic">committed</a> $1 billion over four years to help local communities address economic and racial inequality. The firm has also <a href="https://newsroom.bankofamerica.com/press-releases/community-development/smithsonian-announces-race-community-and-our-shared-future#:~:text=Bank%20of%20America's%20%2425%20million,economic%20opportunity%20in%20minority%20communities.">committed</a> an additional $25 million to the Smithsonian to fund its Race, Community and Our Shared Future initiative, <a href="https://newsroom.bankofamerica.com/press-releases/corporate-philanthropy/bank-america-expands-support-boys-girls-clubs-america-1">provided</a> a $1 million grant to the Boys &amp; Girls Clubs of America, and made a $22.1 million <a href="https://newsroom.bankofamerica.com/press-releases/corporate-philanthropy/bank-america-expands-support-boys-girls-clubs-america-1">investment</a> in 2020 Neighborhood Builders and Neighborhood Champions in Support of Local Organizations.&nbsp; &nbsp;&nbsp;</li><li>BNY Mellon&nbsp;has <a href="https://www.bnymellon.com/us/en/about-us/newsroom/company-news/bny-mellon-commits-20-million-to-fund-the-future-workforce.html">committed</a> $20 million to community colleges and a select group of local and national organizations to support workforce training programs in traditionally underrepresented minority groups and communities. Additionally, the bank made an initial pledge of $1.5 million to organizations including My Brother’s Keeper, the NAACP Legal Defense and Education Fund, the Southern Poverty Law Center, the National Network for Safe Communities and the Vera Institute of Justice.</li><li>Citi <a href="https://www.citigroup.com/citi/news/2020/200923a.htm">launched</a> more than $1 billion in strategic initiatives in 2020 aimed at closing the racial wealth gap. The bank also <a href="https://www.citigroup.com/citi/news/2020/200117a.htm">launched</a> the $150 million Citi Impact Fund to make equity investments in ‘double bottom line’ private sector companies, with a focus on women and minority owned businesses.</li><li>Goldman Sachs&nbsp;has launched the One Million Black Women <a href="https://www.goldmansachs.com/our-commitments/sustainability/one-million-black-women/index.html">initiative</a>, a $10 billion investment initiative to advance racial equity and economic opportunity by investing in Black women with the goal of impacting the lives of at least 1 million Black women by 2030. It has also <a href="https://www.goldmansachs.com/media-relations/press-releases/current/gs-fund-for-racial-equity.html">created</a> the Goldman Sachs Fund for Racial Equity, which launched with $10 million – building on the more than $200 million the firm has granted over the past decade to organizations serving communities of color – and aims to support organizations addressing racial injustice, structural inequity and economic prosperity.</li><li>JPMorgan Chase&nbsp;in 2020 <a href="https://www.jpmorganchase.com/news-stories/jpmc-commits-30-billion-to-advance-racial-equity">committed</a> $30 billion to advance racial equity over the next five years through growing Black- and Latinx-owned businesses, improving financial health and access to banking in Black and Latinx communities and accelerating investment to build a more diverse and inclusive workforce.</li><li>Morgan Stanley&nbsp;<a href="https://www.morganstanley.com/press-releases/morgan-stanley-announces-10-million-to-support-national-urban-le">announced</a> $10 million in grants to support the National Urban League, aimed at supporting financial literacy, homeowner counseling and workforce development programs. The firm also <a href="https://www.morganstanley.com/press-releases/morgan-stanley-commits--5-million-to-naacp-legal-defense-and-edu">committed</a> $5 million on top of matching employee contributions to the NAACP Legal Defense and Education Fund to support its work in fighting for racial justice.</li><li>State Street&nbsp;in 2020 <a href="https://www.statestreet.com/content/dam/statestreet/documents/New_Commonwealth_Racial_Equity_and_Social_Justice_Fund_Press_Release.pdf">announced</a> a five year, $5 million commitment to the New Commonwealth Racial Equity and Social Justice Fund, which supports Black- and brown-led organizations that are working on economic empowerment, youth civic engagement, healthcare equity and criminal justice reform.</li></ul>

We are dedicated to combatting inequality through a series of important initiatives. These initiatives support minority owned small businesses and provide funding for community organizations that are dedicated to closing the racial wealth gap.

<ul><li>Bank of America in 2020 provided $5.9 billion to build sustainable communities, creating more than <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/02/bank-of-america-community-development-banking-provided-record--5.html">13,000 affordable housing units</a>, including 1,650 units developed by minority and women- owned businesses. This year, the bank tripled its affordable homeownership initiative to $15 billion through 2025, giving homebuyers as much as $10,000 for down payments and as much as $7,500 for closing costs. In May the bank and NACA <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/05/bank-of-america-and-naca-expand-mortgage-program-to--15-billion-.html">expanded their program</a> to provide $15 billion in mortgages to low-to-moderate income homebuyers through May 2027.</li><li>Citi in 2020 issued the first <a href="https://www.citigroup.com/citi/news/2020/201030a.htm">affordable housing bond</a> with a notional value of $2.5 billion. Proceeds will finance the construction, rehabilitation and preservation of quality affordable housing for low- and moderate- income populations in the U.S. Citi is also investing more than $200 million, out of a $550 million three- year commitment to affordable housing, in five equity funds co- managed by Black investment managers to preserve multi-family rental housing.</li><li>Goldman Sachs promotes affordable housing through its <a href="https://www.goldmansachs.com/what-we-do/asset-management/impact-investing/">Urban Investment Group</a>, a domestic, multi-asset class investing and lending business deploying over $1 billion annually in community and economic development through real estate and other projects. In Utah, the bank’s work has led to the development of 4,700 affordable housing units, while in Newark and neighboring East Orange, N.J., investments by Goldman Sachs have led to over 2,000 units of mixed- income housing.</li><li>JPMorgan Chase in 2020 announced a five-year <a href="https://www.jpmorgan.com/commercial-banking/insights/breaking-down-barriers-to-affordable-housing---jpmorgan-chase">commitment</a> to finance 100,000 affordable housing units in underserved communities, originate 40,000 home loans for Black and Latinx households, and help 20,000 Black and Latinx households lower their mortgage payments through refinancing. The bank also expanded its Homebuyer <a href="https://media.chase.com/news/chase-homebuyer-grant">grant program</a> to up to $5,500 to help cover closing costs and down payments in 6,700 minority neighborhoods nationwide.</li><li>Morgan Stanley <a href="https://www.morganstanley.com/press-releases/morgan-stanley-continues-commitment-to-sustainable-investing-wit">last year</a> issued its inaugural social bond for $1 billion to support affordable housing projects, the latest step in the bank’s work to advance market-based solutions to address sustainability challenges. Morgan Stanley intends to allocate an amount equal to the net proceeds of the social bond to affordable housing projects, which aim to provide housing at affordable rates to low- or moderate-income individuals and/or families in the United States.</li><li>State Street in 2020 invested over $240 million in <a href="https://www.statestreet.com/values/economic-responsibilities.html">affordable housing</a> communities throughout the U.S., through the Low-Income Housing Tax Credit (LIHTC) program. This investment resulted in the creation or preservation of approximately 9,500 affordable units in 25 states. Since 2010, State Street has invested over $1.7 billion in affordable housing, reaching nearly 100,000 households, including $85 million in the first few months of 2021.</li><li>Wells Fargo works with NeighborWorks® America <a href="https://www.wellsfargo.com/mortgage/lift/">to provide</a> down payment assistance and homebuyer education for low- and moderate- income families. Last year, the bank facilitated over $1.2 billion in bond offerings that provided critical funding to preserve and develop more than 10,400 homes intended for underserved communities. The bank also has made a $1 billion philanthropic commitment to address housing affordability solutions by 2025 and&nbsp; <a href="https://stories.wf.com/60-billion-plan-aims-to-boost-african-american-homeownership/">launched</a> a ten-year initiative with the National Urban League and the National Association of Real Estate Brokers to provide $60 billion in home loans to 250,000 African American homeowners and to invest $15 million in homeowner education and counseling.</li></ul>

Forum members are playing a leading role in promoting affordable housing throughout the country. In 2020 alone, Forum banks created or preserved more than 158,000 affordable housing units.

<ul><li>Recognizing the importance of a banking relationship to help narrow the wealth gap, Forum members were founding lenders in a pilot program with CFE to offer&nbsp;<a href="https://cfefund.org/project/bank-on/">BankOn accounts</a> to people across the country. More than <a href="https://2wvkof1mfraz2etgea1p8kiy-wpengine.netdna-ssl.com/wp-content/uploads/2021/07/CFE-Fund_-2021-Bank-On-100-Accts-Press-Release.pdf">100 lenders</a> big and small now offer BankOn accounts, <a href="https://www.stlouisfed.org/~/media/files/pdfs/community-development/bank-on/bankon_data.pdf?la=en">successfully</a> bringing people into the banking system.</li><li>Forum members have worked with CFE Fund and others to launch Financial Empowerment Centers in cities across the country. These centers offer free financial counseling, helping clients navigate complex financial situations and plan for the future. Additionally, the program supports strategic research projects to enhance the success of financial counseling.&nbsp;<a href="https://cfefund.org/project/financial-empowerment-centers/">Learn more</a>.</li><li>Bank of America, Citi, JPMorgan Chase, and Wells Fargo have long partnered with Cities for Financial Empowerment (CFE) to provide low-cost, low-fee checking accounts to help bring more people into the banking system.</li><li>The Citi Foundation <a href="https://www.prnewswire.com/news-releases/the-citi-foundation-and-cities-for-financial-empowerment-fund-to-increase-summer-job-opportunities-financial-education-and-banking-access-to-an-additional-140-000-young-people-301316128.html">announced</a> an additional $3.66 million in support to the CFE&nbsp;to increase summer job opportunities, financial education, and banking access to an additional 140,000 young people.</li><li>Forum members are working with the OCC on&nbsp;<a href="https://www.occ.treas.gov/topics/consumers-and-communities/minority-outreach/project-reach-fact-sheet.pdf">Project REACh</a>, a program to promote financial inclusion.&nbsp;Led by JPMorgan Chase, banks have worked to find ways to help people without traditional credit histories access credit. The banks have created a tool to import non-traditional data sources, such as deposit account activity, to allow lenders to have greater options to assess creditworthiness.</li><li>The Wells Fargo Foundation <a href="applewebdata://9AC3D0AC-44A3-42B2-AAA0-A73664A505E0/%E2%80%A2%09https:/cfefund.org/cfe-fund-and-wells-fargo-announce-third-cohort-of-bank-on-fellowship/">announced</a> a $1 million grant to CFE to increase the size of the BankOn Fellowship Program, which funds a full-time BankOn coalition leader focused on improving banking access for residents.</li></ul>

Forum members have long been on the frontlines in the effort to bring unbanked and underbanked Americans into the financial mainstream.

<ul><li>Bank of America&nbsp;has committed to spending nearly $2 billion annually with diverse businesses through its <a href="https://about.bankofamerica.com/en-us/what-guides-us/vendor-management.html#fbid=tlM4qFkwCad">Supplier Diversity program</a>.</li><li>BNY Mellon&nbsp;has established a dedicated <a href="https://www.bnymellon.com/us/en/supply-chain-responsibility-program/supply-chain-responsibility-program-statement.html">Supply Chain Responsibility program</a> to build and maintain a diverse supplier base, as well as host workshops and expos to support diverse vendor development.</li><li>Citi actively seeks diverse suppliers through minority and women business development organizations and participation in various trade show activities while utilizing diverse suppliers and consultants through their <a href="https://www.citigroup.com/citi/suppliers/who.htm">Supplier Diversity program</a>.</li><li>Goldman Sachs&nbsp;has <a href="https://www.goldmansachs.com/our-commitments/sustainability/our-vendor-program/vendor-diversity/">committed</a> to increasing spending with diverse vendors by 50 percent by 2025.</li><li>JPMorgan Chase&nbsp;has set a goal of continually exceeding $1 billion in spending with <a href="https://www.jpmorganchase.com/about/suppliers/supplier-diversity">diverse suppliers</a> each year.</li><li>Morgan Stanley&nbsp;<a href="https://www.morganstanley.com/about-us/supplier-diversity">partners</a> with supplier diversity organizations like the Women’s Business Enterprise National Council and the National Minority Supplier Development Council.</li><li>State Street&nbsp;has committed to increasing its spending with diverse suppliers over the next three years in order to strengthen Black- and Latinx-owned businesses.</li><li>Wells Fargo&nbsp;aims to spend 15 percent of its procurement budget with diverse suppliers through the bank’s <a href="https://www.wellsfargo.com/about/diversity/supplier-diversity/commitment/">Supplier Diversity program</a>.</li></ul>

Our institutions are committing to partner with diverse vendors and suppliers to support minority and women-owned businesses.

We invested nearly $9 billion in Community Development Financial Institutions between 2016 and 2020.

Supporting Historically Underserved Communities

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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>

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>

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>

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>

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>

Our institutions have established hiring commitments to diversify our workforces.

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

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