FOR IMMEDIATE RELEASE
CONTACT: Julia Lawless, (202) 457-8766
WASHINGTON, D.C. – The Financial Services Forum today announced that Morgan Stanley Chairman and CEO James Gorman has been elected to serve as the Chairman of its Board. Citigroup CEO Michael Corbat has been elected to serve as Vice Chairman.
Gorman replaces Bank of America Chairman and CEO Brian Moynihan, who served as chairman of the Forum for five years. Corbat replaces Gorman.
“Brian Moynihan has been a transformative Chairman, leading the Forum through significant change to turn the organization into one that now serves as a strong, unified voice representing the eight largest, most diversified financial institutions in Washington, D.C.,” Forum President and CEO Kevin Fromer said. “James Gorman and Michael Corbat will build on that success.”
Gorman became CEO of Morgan Stanley in 2010 and Chairman in 2012. He joined the firm in February 2006, after serving in various executive positions at Merrill Lynch, and was named Co-President in December 2007. He was recently reelected to a second three-year term on the Board of Directors of the Federal Reserve Bank of New York.
The Forum is a constructive voice in Washington, helping policymakers and others understand the essential role of large financial institutions in our domestic and global economies,” Gorman said. “I thank Brian for his hard work and look forward to continuing to promote policies that ensure U.S. banks can provide the best possible service to our clients while maintaining the safety and soundness of our financial system.”
Corbat has been at Citigroup and its predecessor companies since 1983. Prior to becoming CEO in 2012, Corbat served in a variety of senior executive roles, including CEO of Europe, Middle East and Africa, and the CEO of Citi Holdings.
“The U.S. financial system is strong and resilient,” Corbat said. “I look forward to working with the members of the Financial Services Forum on ways that our industry can promote economic growth and create opportunities for families, businesses, and entrepreneurs.”
The Financial Services Forum’s Board of Directors is comprised of the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States.
The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.
Visit our website: fsforum.com