Financial Markets and Institutions Provided Vital Support to the Global Economy During the Pandemic

<h3>Introduction</h3>The COVID pandemic created a global public health crisis that quickly morphed into an unprecedented economic shock that has negatively impacted businesses, households, and industries across the globe. &nbsp;As economies have dealt with the pandemic’s fallout, large, internationally active banks have played an important role in helping businesses and households. &nbsp;A new report released by the <a href="https://fsforum.com/">Financial Services Forum</a>, the <a href="https://www.iif.com/">Institute of International Finance</a>, and the <a href="https://www.isda.org/">International Swaps and Derivatives Association</a>, “<a href="https://fsforum.com/a/2101_3683309_FSF_IIF_ISDA_Paper_5_21_21_v30_b456522c82/2101_3683309_FSF_IIF_ISDA_Paper_5_21_21_v30_b456522c82.pdf">The Role of Financial Markets and Institutions in Supporting the Global Economy During the COVID-19 Pandemic</a>,” documents how large, internationally active banks have supported the economy through the channels of 1) extending credit early, quickly, and at scale to companies in need of financing, 2) underwriting debt and equity for public firms and governments seeking to raise funding from primary securities markets, and 3) supporting market liquidity to buttress primary securities markets and aid the risk-management needs of investors. &nbsp;Together, and in concert with a variety of important official sector actions, large banks have strongly supported the global economy during the pandemic. &nbsp;In this post, we provide a brief overview of some of the report’s key findings and conclusions.<h3>The Calm Before the Storm: The State of Large Banks Pre-Pandemic&nbsp;</h3>Large banks, such as Financial Services Forum members, entered the pandemic with robust levels of capital and liquidity that have grown appreciably over the previous ten years. &nbsp;As shown in Figure 1, from 2010 to 2020, Forum member capital grew by 42 percent while liquidity grew by 164 percent. &nbsp;As a result, Forum members and other large banks were well-positioned to absorb and adjust to the initial economic fallout of the pandemic. &nbsp;In this way, large banks played the role of a shock absorber, which helped other industries and people manage the abrupt and significant economic costs of the pandemic. &nbsp;Moreover, while changes to the large bank regulatory regime were one important reason for the enhanced resiliency of large banks, it is also the case that large banks had made significant strides in their own risk, capital and liquidity management practices that served them well as the economy entered the pandemic.<figure class="image image-style-align-center image_resized" style="width:70.58%;"><img src="https://fsforum.com/a/Screen_Shot_2021_05_23_at_10_40_53_PM_279d030009/Screen_Shot_2021_05_23_at_10_40_53_PM_279d030009.png"></figure><h3>The First Leg: Absorbing the Shock in the Immediate Aftermath - A Surge in Large Bank Lending</h3>In the earliest stages of the pandemic, companies everywhere ran into acute funding needs as revenues plummeted and the costs of maintaining operations rose. &nbsp;Companies immediately turned to bank lending to fill the gap between their needs and available resources. &nbsp;Large banks responded by channeling large amounts of funding and liquidity to companies through bank lending - often through the drawdown of existing credit lines.&nbsp; As shown in Figure 2 below, taken directly from the report, large bank lending rose sharply in the early stages of the pandemic. The finding that large banks were the fastest acting and most significant suppliers of credit in the early stages of the pandemic is supported by other <a href="https://www.nber.org/papers/w27256">research</a>. &nbsp;Specifically, economists at Boston College and the Federal Reserve Board studied lending activity in early 2020 and found that large banks with total assets in excess of $50 billion were the largest suppliers of credit during that period.<figure class="image image_resized" style="width:83.53%;"><img src="https://fsforum.com/a/Screen_Shot_2021_05_23_at_10_41_16_PM_fd37768501/Screen_Shot_2021_05_23_at_10_41_16_PM_fd37768501.png"></figure><h3>The Second Leg - the Primary Market Pivot: Large Banks Underwrite a Large Increase in Debt and Equity Issuance</h3>At the onset of the pandemic, securities markets were racked by a bout of illiquidity that severely slowed the pace of issuance and made it difficult for companies and governments – especially municipalities – to raise funding through primary securities markets. &nbsp;Following a number of important official sector programs that were enacted to re-start public securities markets, security issuance increased quickly. &nbsp;Companies then used security market issuance to replace bank lending. &nbsp;Large banks play a key role in intermediating primary securities markets by underwriting debt and equity. &nbsp;As underwriters, large banks commit capital and liquidity to issuers so that they can issue securities into the market at a pre-determined price. &nbsp;Underwriters then sell these securities to pension funds, mutual funds and other investors. &nbsp;In so doing, large banks fill a fundamental role of connecting savers and borrowers in the economy. &nbsp;As shown in Figure 3 below, taken directly from the report, global corporate bond issuance increased by roughly 66 percent over the course of 2020. &nbsp;This funding then directly supported the operation of companies across the globe so that they could continue to keep their doors open, their employees paid, and produce the goods and services that the economy needed.<figure class="image image_resized" style="width:83.15%;"><img src="https://fsforum.com/a/Screen_Shot_2021_05_23_at_10_41_52_PM_4a37bfa5b3/Screen_Shot_2021_05_23_at_10_41_52_PM_4a37bfa5b3.png"></figure>Finally, it is important to highlight that governments – both national and local - also benefitted from increased underwriting by large banks, which helped them to raise the funding needed to support a range of crucial government stimulus and public health programs during the pandemic.<h3>The Third Leg – Maintaining Market Liquidity</h3>The pandemic ushered in a period of significantly heightened uncertainty and risk that immediately increased demands by investors everywhere to hedge and re-evaluate their risks through securities and derivative markets. &nbsp;Large banks act as significant market makers by taking on and deploying securities inventory in response to customer demands. &nbsp;As an example, when risk rises, investors often desire to reduce their risk by selling some or part of their securities holdings. &nbsp;In an environment in which “everyone is selling,” market makers need to be net security buyers because they can’t find enough ready buyers to offset the torrent of sell orders. &nbsp;In this way, large bank market makers act as shock absorbers and help balance the market. Indeed, this very dynamic presented itself from the outset of the pandemic and large banks met client demands to sell by buying large amounts of securities and building their own security inventory. &nbsp;As shown in Figure 4, taken directly from the report, in the case of corporate bonds, large bank dealers steadily built their inventory levels over the course of the pandemic.<figure class="image image_resized" style="width:84.5%;"><img src="https://fsforum.com/a/Screen_Shot_2021_05_23_at_10_42_32_PM_e791d9c3f2/Screen_Shot_2021_05_23_at_10_42_32_PM_e791d9c3f2.png"></figure>Two things are worth noting about the inventory build depicted in Figure 4. &nbsp;First, building inventory during a period of heightened risk means increasing the risk borne by market makers. &nbsp;This increase in risk directly offsets the reduction in risk sought by investors selling their security holdings. &nbsp;During the pandemic, market makers directly assumed risk that would otherwise have been borne by their clients and counterparties.&nbsp; Second, these events did not occur in a vacuum. &nbsp;Over this period, several official sector efforts were put in place that were aimed at supporting secondary market trading and helping large bank market makers to absorb increased trading demands.<h3>Lessons Learned and Future Directions</h3>More than a decade after the large bank regulatory system was first reconsidered, the economy was hit by a purely external or “exogenous” shock that is useful for examining whether the current large bank regulatory regime is achieving all of its stated goals. &nbsp;The early evidence suggests that strengthened capital and liquidity were highly beneficial to the banking system and the economy at the onset of the crisis. &nbsp;At the same time, the performance of the banking sector and financial markets also reveals that some aspects of the large bank regime may not have worked as intended by regulators. &nbsp;In the report, we discuss a range of regulatory issues that deserve careful examination in light of the events of the pandemic. &nbsp;Much of the report’s discussion is directly in line with statements made by government officials and standard-setting bodies such as the Financial Stability Board (FSB). &nbsp;As just one example, we call attention to the concept of “capital buffers” that regulators designed to be drawn down during economic downturns. &nbsp;The available evidence, research and statements by key policymakers suggest that these buffers may not have worked as initially intended by regulators and should be re-examined. &nbsp;We believe that the congruence between the report’s statements and statements made by policymakers and official bodies such as the FSB augur well for a robust, open, and honest evaluation of the large bank regulatory regime. &nbsp;We look forward to participating in that evaluation.<h3>Conclusion</h3>The pandemic has dealt a severe shock that has upended all of our lives. &nbsp;As we have all struggled to cope with the new realities of the past 18 months, it is important to take a step back and consider how different parts of the economy have performed under this unprecedented stress. &nbsp;Our new report, “<a href="https://fsforum.com/a/2101_3683309_FSF_IIF_ISDA_Paper_5_21_21_v30_b456522c82/2101_3683309_FSF_IIF_ISDA_Paper_5_21_21_v30_b456522c82.pdf">The Role of Financial Markets and Institutions in Supporting the Global Economy During the COVID-19 Pandemic,</a>” takes a data-based and analytical approach to assessing the role played by large, internationally active banks in responding to the pandemic. &nbsp;Our findings are that large banks have been an important and constructive part of the global solution to this crisis.&nbsp; At the same time, and importantly, large banks have not operated independently. &nbsp;The large-scale efforts of governments have been paramount to our shared successes. &nbsp;Our main point in this regard is that the role played by large banks has in many respects been complementary to official government actions. &nbsp;As large banks have extended credit, underwritten securities, and enhanced market liquidity, the rest of the economy has been better able to meet the challenges presented by the pandemic.&nbsp; As we move forward and continue to recover from the pandemic, large banks will undoubtedly continue to play a constructive role in concert with governments and other industries. &nbsp; &nbsp;&nbsp; &nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;

The Three-Legged Stool: How Large Banks Have Supported the Economy During the Pandemic

COVID-19 Response

Dear reader,Welcome to the fourth edition of The Forum File. With this newsletter, we’re focusing on how our members have worked to create a more equitable and inclusive economy in local communities.We enjoy hearing your feedback. Thanks for reading. &nbsp;Kevin Fromer, President and CEO, Financial Services&nbsp;Forum&nbsp;<h3>&nbsp;</h3><h2>Penny For Your Thoughts</h2>“We realize this issue calls for more show than tell.” -&nbsp; Head of Community Investing and Development at Citi and President of the Citi Foundation, Brandee McHale<h3>How is Citi bringing its expertise to bear in addressing the racial wealth gap?</h3>Last September, Citi Global Perspectives &amp; Solutions (GPS)&nbsp;<a href="https://www.citivelocity.com/citigps/closing-the-racial-inequality-gaps/">released a report</a> revealing that if key racial gaps for Black Americans in wages, housing, education and investment are closed today, up to $5 trillion could be been added to the U.S. GDP&nbsp;over the next five years. We couldn’t ignore the role of that the financial services industry has played in contributing to the economic disparities that fuel racial inequity and the opportunity we had to be a part of the solution. Rather than just commit grant dollars and make solidary statements, at Citi, we wanted to meaningfully lead by our strengths. We did this by launching&nbsp;<a href="https://www.citigroup.com/citi/racial-equity/">Action for Racial Equity</a>, a comprehensive approach to providing greater access to banking and credit in communities of color, increasing investment in Black-owned businesses, expanding homeownership among Black Americans, and advancing anti-racist practices in the financial services industry.<h3>How have these initiatives started to deliver already?</h3>In the first seven months, we’ve&nbsp;<a href="https://www.citigroup.com/citi/news/2021/210426b.htm">demonstrated early results</a> in addressing the racial wealth gap. Citi has allocated more than half of its $100 million&nbsp;<a href="http://click.communities.citigroup.com/?qs=37cafe97c1c7d88b5c073959e55b6a3b2c98d7319b2dee49aea18de5e201807f0f23647f12b680ca021feb205618e094a1b4bc3b5701403c">commitment to Minority Depository Institutions (MDIs)</a> that are expanding banking and credit access in communities of color (detailed below). We are collaborating with the cities of Los Angeles and San Jose to provide college savings accounts for public school students, and also working with the National Urban League to offer the Citi® Access Account Package that includes no fee savings and checking products through its network. In addition to Citi’s business initiatives, the Citi Foundation has granted more than $15 million of its three-year, $100 million target to invest in community change agents addressing racial equity, including new efforts to develop entrepreneurship and skillsets among young people of color and support small businesses owned by people of color.<h3>What have you learned through the early days of this ambitious effort?</h3>We realize this issue calls for more show than tell. We announced these recent updates not to showcase how close we are to being done, but rather to provide transparency into what has been accomplished and the tremendous amount of work still to be done. We view these periodic updates as chance to have a dialogue with stakeholders and inform planning for tomorrow. While this has been one of the most challenging periods we have faced both personally and professionally, the Citi team has been inspired by the innovation and ingenuity we are seeing from partner organizations and the role they play as change agents.&nbsp;Beyond delivering on these bold commitments, we have also seen colleagues from across the firm step up and find their own approaches to embedding racial equity within our business. From a new training program facilitated by HR to support junior employees of minority broker dealers, to a new investment banking apprenticeship launching this summer for city college students in Chicago, it is clear that, at Citi, we are not just changing processes, we are changing mindsets.The scale and pace of the challenges we face, now and in the future, will demand bold and ambitious shared agendas for positive change. We are ready to play our part.&nbsp;<h2>Value Add</h2>Member Program spotlight.<figure class="image image_resized" style="width:50%;"><img src="https://fsforum.com/a/Screen_Shot_2021_05_18_at_10_25_15_AM_fe83629157/Screen_Shot_2021_05_18_at_10_25_15_AM_fe83629157.png"></figure><h3>Expanding banking and access to credit in Black communities</h3>Among Citi’s Action for Racial Equity initiatives is a $100 million commitment to Minority Depository Institutions (MDIs) to expand access to banking and credit in communities of color. In just seven months, Citi has already allocated more than $50 million to that end and the bank has closed nearly $15 million out of $50 million in affordable housing loan participation opportunities for MDIs to generate revenue and build their capacity to invest in larger transactions.&nbsp;Citi is investing more than $200 million—out of a $550 million three-year commitment to affordable housing—in five equity funds that will be co-managed by Black investment managers to preserve multi-family affordable rental housing in cities all across the country.While equity investments are a critical component of the support for MDIs, Citi emphasizes engagement and mentorship as a difference maker. Through collaboration with&nbsp;<a href="https://www2.deloitte.com/global/en.html">Deloitte</a> and the <a href="https://www.nationalbankers.org/">National Bankers Association</a>, Citi has also established a technical assistance program to support MDIs’ talent development, enhance technology, and expand business networks.For more information on Citi’s work with MDIs visit:&nbsp;<a href="https://www.citigroup.com/citi/racial-equity/data/minority-depository-institutions-brochure.pdf?ieNocache=800">https://www.citigroup.com/citi/racial-equity/data/minority-depository-institutions-brochure.pdf?ieNocache=800</a>&nbsp;<h2>Capital Gains</h2>What we’re doing in Washington.We have <a href="https://fsforum.com/a/coalitionimprovingcorporategovernancethroughdiversityact_hfsc_775406fd6f/coalitionimprovingcorporategovernancethroughdiversityact_hfsc_775406fd6f.pdf">advocated</a> for the passage of the “Improving Corporate Governance Through Diversity Act of 2021.” The bipartisan bill would establish a model to organically boost efforts to increase diversity on corporate boards of directors through disclosure. The legislation would also establish an advisory group that would carry out a study and provide recommendations on private sector strategies to increase gender, racial, and ethnic diversity among boards of directors.We also highlighted Forum members’ dedication to supporting local communities in 2020 through:<ul><li>Investing $110 billion in low- and moderate-income communities;</li><li>Creating or preserving 158,000 affordable housing units; and</li><li>Holding $120 billion in municipal securities, which provides financing for hospitals, schools, roads, bridges and more</li></ul>Learn more about how the nation's largest banks supported the economy in 2020 in our <a href="https://fsforum.com/our-impact/covid-19-response">new video</a>.&nbsp;<h2>Our Two Cents</h2>Research from the ForumThe BankNotes Blog Spotlighted:<ul><li>Findings from the Supervision and Regulation Report and the Financial Stability Report&nbsp;published by the Federal Reserve, showing that Forum members&nbsp;<a href="https://fsforum.com/news/safe-and-sound-and-supporting-the-economy-the-federal-reserve-s-view-on-large-banks">remained safe and sound</a> as they built capital and liquidity over the course of 2020.</li><li>Forum members' <a href="https://fsforum.com/news/large-bank-strength-and-resilience-a-reaction-to-the-financial-stability-board-evaluation-of-tbtf">resiliency and resolvability</a> has significantly improved thanks to a combination of reforms by banks and regulators, the Financial Stability Board found. The experience in the U.S. has generally been superior to that of other jurisdictions.</li><li>Regulators and the public&nbsp;<a href="https://fsforum.com/news/bank-risk-models-and-reality-bank-risk-models-do-not-game-the-system">should give greater consideration</a> to bank risk assessments in the regulatory framework as bank risk models often show higher levels of risk than that of regulatory risk models.</li></ul>&nbsp;<h2>Checking the Balance</h2>Members in the news.Bank of America and the Neighborhood Assistance Corporation of America (NACA) announced the <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/05/bank-of-america-and-naca-expand-mortgage-program-to--15-billion-.html">expansion of their national affordable homeownership mortgage program</a>, with a goal of providing $15 billion in mortgages to low-to-moderate income (LMI) homebuyers through May 2027. Additionally, <a href="https://www.cnn.com/videos/business/2021/05/18/bank-of-america-minimum-wage-ceo-brian-moynihan.cnnbusiness">CNN reported</a> that the firm will raise its U.S. minimum hourly wage to $25 by 2025 and require its U.S. vendors to pay their employees dedicated to the bank, at or above $15 per hour.Five BNY Mellon employees were included on the <a href="https://empower.involverolemodels.org/">2021 EMpower Role Model List</a> for breaking down barriers and inspiring the next generation of diverse talent. The firm also held the <a href="https://futurefirstforum.bnymellon.com/?cid=ALL_OSM_XC003275_EventHighlightVideo_ALLSEG_PUB_GL_TWT_BRN___TL_">Future First Forum</a>, which brings together industry experts to discuss ways to better environmental, social, and governance (ESG) practices and create meaningful change.Citi&nbsp;has been named&nbsp;#10 on 3BL Media’s&nbsp;<a href="https://100best.3blmedia.com/">annual list of 100 Best Corporate Citizens</a>, evaluated based on leadership on environmental, social and governance (ESG) issues and the transparency with which they report on them. &nbsp;Forbes also recently included Citi in its list as one of “<a href="https://www.forbes.com/best-employers-diversity/#7e9eafd59b9e">America’s Best Employers for Diversity 2021</a>,” while parenting-focused media outlets Scary Mommy and Fatherly have named Citi one of the “<a href="https://www.fatherly.com/best-places-to-work-2021/">Best Places to Work for Moms, Dad, and Remote Work</a>” through their new Parents@Work initiative.Despite COVID-19’s impact on markets, Goldman Sachs announced it is on pace to meet its goal of $750 billion in sustainable financing, investing, and advisory activity well before its 10-year target. In 2020, the firm was able to reach more than a fifth of its goal on its two priorities of climate transition and inclusive growth by achieving $156 billion in sustainable finance activity.<a href="https://financialservicesforum.cmail19.com/t/r-l-tlijdykt-ohrultuttr-v/https://www.americanbanker.com/news/jpmorgan-chase-expands-effort-to-hire-people-with-criminal-pasts#:~:text=The%20largest%20U.S.%20bank%20by,recruitment%20effort%20to%20Columbus%2C%20Ohio.">American Banker</a> highlighted JP Morgan Chase’s announcement that Columbus, Ohio, will be the second city in its <a href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/documents/jpmc-policycenter-overview-v1-ada.pdf">“second chance” recruitment effort</a>, which is designed to give people with arrest or conviction histories a second chance by supporting their reentry into the workforce, communities, and local economies. In addition, the bank pledged an additional $12.5 million to help community organizations connect people with criminal backgrounds with entrepreneurship training.Morgan Stanley announced the inaugural class of its HBCU Scholars program, which will provide 60 full scholarships for HBCU students at <a href="https://www.morganstanley.com/press-releases/morgan-stanley-and-howard-university-announce-inaugural-class-of">Howard University</a>, <a href="https://www.morganstanley.com/press-releases/-morgan-stanley-and-morehouse-college-announce-inaugural-class-o">Morehouse College</a>, and <a href="https://www.morganstanley.com/press-releases/morgan-stanley-and-spelman-college-announce-inaugural-class-of-h">Spelman College</a>. The scholarship program is designed to support the recipients’ career skills and readiness to help set them on a life-long path to success.State Street awarded <a href="https://newsroom.statestreet.com/press-releases/press-release-details/2021/State-Street-Foundation-Awards-1.3-Million-in-Grants-to-Support-Early-College-Programs-in-Boston-Area-Schools-/default.aspx">$1.3 million to four Boston-area high schools</a> through the Massachusetts Early College initiative. The initiative allows students to save both time and money by taking college courses and earning credits while in high school.Wells Fargo launched the Banking Inclusion Initiative, a 10-year commitment to help unbanked individuals gain access to affordable transactional accounts.&nbsp; The initiative will focus on helping remove barriers to financial inclusion for Black and African American, Hispanic, and Native American/Alaska Native families. It also will assist individuals who may have a bank account yet continue to use high cost, non-bank services and have similar needs. As part of the initiative to bring more people into the banking system from underserved communities, Wells Fargo is launching a National Unbanked Advisory Task Force comprised of leading organizations including LULAC&nbsp;(League of United Latin American Citizens),&nbsp;NAACP&nbsp;(National Association for the Advancement of Colored People),&nbsp;National Bankers Association,&nbsp;NCAI&nbsp;(National Congress of American Indians),&nbsp;UnidosUS,&nbsp;National Urban League, and Mississippi-based&nbsp;Hope Enterprise Corporation.

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The Forum File, Edition 4

Cities for Financial Empowerment Fund

External Link

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

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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>

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Supporting CDFIs and MDIs

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 promoting affordable housing and homeownership for underserved communities, 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><li>Wells Fargo&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>

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Combatting Inequality

We are dedicated to combatting inequality through a series of important initiatives. These initiatives support minority owned small businesses, provide funding for community organizations that are dedicated to closing the racial wealth gap and expand access to affordable housing for traditionally underserved communities. 

<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>

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Supporting Diverse Suppliers

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

Forbes

Bank Of America Invests $4.2 Million In Underrepresented Talent, Announces New Partnership

JPMorgan Chase

JPMorgan Chase Furthers Commitment to Closing the Housing Affordability Gap for Black and Latinx Households

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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.

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

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

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>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>

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>

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. 

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.


Supporting the Economy

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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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