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<h3>Introduction</h3>During the pandemic, Financial Services Forum members displayed significant strength and provided support to the economy by providing much-needed lending to businesses and households, helping firms raise capital through public securities offerings, and providing consumers with a place to keep their money safe during a period of heightened uncertainty. &nbsp;In looking back at the pandemic, some have argued that given broad government support for the economy, COVID was not a true test of the banking system’s resiliency.&nbsp; In this post, we analyze the impact that counterfactually high COVID losses absent government intervention would have had on Forum members.&nbsp; The analysis shows that even in the face of counterfactually high hypothetical losses Forum capital levels would have remained robust, allowing them to support the economy during the pandemic.&nbsp; &nbsp;<h3>The Calm Before the Storm: Large Bank Capital on the Eve of the Pandemic</h3>On the eve of the COVID pandemic, the fourth quarter of 2019, Financial Services Forum members maintained an aggregate common equity Tier 1 capital ratio of 12.1 percent.&nbsp; Before discussing the events of the pandemic, it is instructive to assess the significance and robustness of that level of capital.&nbsp; In particular, Forum capital levels reflected a 4.5 percent minimum requirement that was established after the financial crisis as well as a variety of capital buffers relating to the Federal Reserve’s stress tests and other regulatory requirements, such as the GSIB capital surcharge, that are intended to ensure that Forum members maintain capital well beyond the amount needed to operate during both normal and stressed economic conditions.&nbsp; These capital buffers are intended to flexibly expand and contract in response to underlying economic conditions and are not rigid requirements that are fixed for all time.&nbsp;&nbsp;&nbsp; &nbsp;In Figure 1, we display the required regulatory minimum and pre-COVID capital levels to visually demonstrate the strong and robust level of capital maintained by Forum members before the onset of the pandemic.&nbsp; The figure clearly demonstrates that Forum members were well positioned to support the economy despite the unanticipated economic turmoil stemming from the pandemic.&nbsp; &nbsp;<figure class="image"><img src="https://fsforum.com/a/media/screen-shot-2023-02-22-at-3.44.44-pm.png"><figcaption>Source: Federal Reserve Y-9C</figcaption></figure>&nbsp;<h3>Large Bank Capital and Counterfactually High COVID Losses</h3>As COVID shut down the U.S. economy in the first quarter of 2020, banks suffered losses and their balance sheets expanded as they absorbed deposits and extended credit to support the economy.&nbsp; As a result, bank capital ratios declined from 12.1% to 11.4% - the low point of Forum member capital during the pandemic.&nbsp; While this decline represents an economic loss, large banks exhibited double digit capital levels, reaffirming their resiliency.&nbsp; Indeed, the reduction in capital simply reflected a modest compression of the ample capital buffers that were established after the financial crisis.Some have argued that these losses do not represent the “true” economic losses attributable to the pandemic because of government support.&nbsp; While banks received no direct government support during the pandemic, some have argued that broad support provided throughout the economy – extended unemployment benefits, CARES act stimulus, and the like – buoyed household finances and forestalled loan defaults that would have otherwise hit the banking sector.In order to seriously consider these claims, one needs to provide a specific and quantitative estimate of those counterfactual losses.&nbsp; Such counterfactuals are, by their very nature, hard to assess.&nbsp; How can anyone validate a loss estimate that never occurred based on assumptions that were not realized?&nbsp; Conceptual difficulties aside, it is instructive to consider some estimates of counterfactual losses to see what impact they would have had on large bank capital levels.One analysis conducted by the <a href="https://www.minneapolisfed.org/article/2021/government-fiscal-support-protected-banks-from-huge-losses-during-the-covid-19-crisis">Federal Reserve Bank of Minneapolis</a> suggests that banking industry losses would have been $100 billion to $300 billion higher in the absence of government support.&nbsp; Our use of these estimates is intended to be instructive but is not intended to convey agreement with the findings.In Figure 2 below, we show the aggregate Forum member capital ratio that would have been realized had these counterfactual losses – either $100 billion or $300 billion scaled to reflect the size of Forum members relative to the entire industry – occurred in the first quarter of 2020.&nbsp; This calculation is highly conservative because we are assuming that all of the losses would have been realized in a single quarter, and we are also assuming that the losses would have occurred when Forum member capital was at its lowest point during the pandemic (Q1 of 2020).&nbsp; Had those counterfactual losses occurred more smoothly over the course of 2020, the impact on capital would be significantly smaller.&nbsp;<figure class="image"><img src="https://fsforum.com/a/media/screen-shot-2023-02-22-at-3.45.00-pm.png"><figcaption>Source: Federal Reserve Y-9C, Federal Reserve Bank of Minneapolis</figcaption></figure>&nbsp;&nbsp;As shown in Figure 2, these counterfactual losses would have reduced Forum member aggregate capital from 11.4% to between 10.7% ($100 billion) and 9.2% ($300 billion).&nbsp; This level of capital is still quite robust, being more than twice the post-crisis regulatory minimum of 4.5%.&nbsp; It is reasonable to assume that banks need to maintain capital above the regulatory minimum requirement.&nbsp; It is clear, however, that operating with a level of capital that is more than twice the post-crisis regulatory minimum would be sufficient to continue operating soundly while maintaining public confidence.&nbsp; While higher COVID economic losses would have resulted in lower capital levels, and may have required some amount of capital to be rebuilt over time, the resulting counterfactual capital levels are not anywhere near a level that could be reasonably described as problematic or distressed.This point has also been publicly made by Federal Reserve Chair Jerome Powell.&nbsp; Specifically, during a <a href="https://www.youtube.com/live/-46kqEn6JLc?feature=share&amp;t=4616">Senate hearing in 2021</a>, Chair Powell disputed an assertion that banks would have been materially weakened by an additional $300 billion in COVID losses.&nbsp; Chair Powell responded: “which they would have met.&nbsp; Which they would have been able to absorb without difficulty.” (emphasis added)<h3>Addressing the Cassandras – Root Risk Analysis in Reality&nbsp; &nbsp;&nbsp;</h3>The analysis above and the statements of Chair Powell clearly document that Forum members would have remained resilient during the pandemic even if bank losses were unrealistically elevated relative to actual experience.&nbsp; But what if losses were $600 billion or $900 billion or even $1 trillion?&nbsp; What if the elevated losses carried into 2021, and 2022, and 2023 as well?&nbsp; What if the virus had become significantly more virulent and resulted in multiyear and economically devastating lockdowns?As a matter of basic arithmetic, it is always possible to dream up an implausibly extreme, counterfactual scenario that would substantially weaken bank capital to unstable levels.&nbsp; But that exercise tests nothing except one’s ability to count.&nbsp; Rigorous and informative risk analysis demands that the scenario be within the bounds of reason given the prevailing economic context.&nbsp; Counterfactually high pandemic losses would have reduced capital levels, but capital would have remained sufficiently strong to avoid any significant financial distress.&nbsp; Of course, one should “never say never” when it comes to risk.&nbsp; But simply asserting that losses could have reached a level that would have destabilized the banking system is a tautology with no empirical content that says nothing about the safety and soundness of large banks.&nbsp;&nbsp;&nbsp;<h3>Conclusion</h3>Forum members steadfastly supported the economy during the depths of the COVID pandemic.&nbsp; Their ability to support our economy stems from their strong capital position.&nbsp; No large banks received direct government assistance during the pandemic.&nbsp; An analysis of counterfactually high COVID losses clearly shows that Forum members would have maintained sufficient capital to continue supporting the economy. &nbsp;&nbsp;

Large Bank Resiliency During an Economic Crisis - the COVID Stress Test  

Watch: Policy Cents

<h3>Introduction</h3>Large banks contribute to our economy in a variety of ways.&nbsp; Importantly, breadth and scale make it possible for large banks to extend their reach and help consumers, communities and business throughout the country while also driving efficiencies that reduce costs for the whole economy.&nbsp; In this post, we briefly outline some of the ways in which large banks provide significant benefits to the economy.<h3>Matching Savings with Investment All Across the USA</h3>One key benefit of large banks is that they operate on a national scale, which provides them with the opportunity to benefit consumers, communities and businesses across our economy.&nbsp; One tangible example of the wide reach of large banks is their small business lending activities.&nbsp; The chart below shows small business loans that were originated by Financial Services Forum members in the continental United States in 2021 (Forum members also originate small business loans in Alaska, Hawaii and U.S. territories, but these are not displayed to conserve space).&nbsp; As shown in the chart, Forum members are working with small businesses in every part of our country.&nbsp;&nbsp;<figure class="image"><img src="https://fsforum.com/a/media/screen-shot-2023-02-15-at-9.23.04-am.png"><figcaption>Source: FFIEC Community Reinvestment Act and Census Data for 2021</figcaption></figure>&nbsp;The breadth of small business lending by Forum members displayed in the chart is important because it speaks to a primary function of the banking system: connecting savers and borrowers.&nbsp; The central goal of banking is to match savers with excess savings with borrowers who have productive investment opportunities and need funding.&nbsp; This basic matching function between savers and borrowers is the primary role fulfilled by banks in our economy.&nbsp; A key advantage of large banks is that they have a geographically diverse reach that allows them to find good matches between savers and borrowers even if they aren’t nearby.&nbsp;As an example, a local area in California may have a sharp need for investment because of the emergence of a thriving new industry.&nbsp; At the same time, that specific area may not have significant amount of excess savings among its households to finance the needed new investments.&nbsp; A large bank, however, can source that financing from deposits sourced from New England, or the South, or the Midwest. By leveraging their scale, large banks can connect those that have the greatest need for investment dollars with those households that have the greatest abundance of savings to invest.&nbsp; And as shown above, Forum members productively match small business borrowers with savers all across the country to finance the important needs of small businesses. &nbsp;<h3>Driving Efficiencies to Reduce Economywide Costs&nbsp;</h3>Another key benefit of large banks is their well-documented ability to reduce costs.&nbsp; A raft of empirical research convincingly shows that large banks benefit from scale economies.&nbsp; Specifically, a large bank can produce the same amount of banking services, such as lending, at lower cost than a smaller bank.&nbsp; One reason for these scale economies is that a large bank can spread its fixed overhead costs out over a larger number of customers, thereby reducing total costs.&nbsp; As a simplified example, imagine that every bank needs a building to serve as its headquarters.&nbsp; A small bank with 100 customers would need to amortize that cost over 100 customers while a large bank could amortize the same cost over several thousand customers, thereby reducing the total cost of producing banking services.Several academic researchers have quantified the scale economies in the banking industry.&nbsp; In the chart below we use this <a href="https://www.newyorkfed.org/medialibrary/media/research/epr/2014/1412kovn.pdf">research</a> to compare the operating costs of Forum members – the cost of wages, IT, real estate, legal services, and so on - with the cost that would be expected to result if each Forum member was replaced by a large number of small banks with total assets of $10 billion, such that the total assets of all the small banks equated to the total assets of Forum members.&nbsp;<figure class="image"><img src="https://fsforum.com/a/media/screen-shot-2023-02-15-at-9.23.29-am.png"><figcaption>Source: 2022Q3 FR Y9-C Data, Federal Reserve Bank of New York</figcaption></figure>&nbsp;As shown in the chart above, replacing Forum members with a large number of small banks would result in a significant increase in costs.&nbsp; The increase in costs results directly from the empirically documented scale economies that accrue to large banks such as Forum members, but not to smaller banks.&nbsp; Overall, the research suggests that banking costs would increase by roughly 25 percent if large banks were replaced by an equivalent number of small banks.&nbsp; These increased costs would be borne by the economy.&nbsp; The increased costs could be passed onto borrowers through higher loan rates or through increased prices for other services.&nbsp; Alternatively, increased costs could result in lower wages for bank employees or lower dividends to bank shareholders.&nbsp; Regardless of who pays, some in the economy would bear higher costs for the same banking services, which would reduce economic efficiency for everyone.&nbsp; Accordingly, the scale economies provided by large banks are an important source of economic efficiency that benefits our entire economy.<h3>Conclusion</h3>Large banks play an important role in our economy.&nbsp; Their size and scope help them to efficiently achieve the primary function of the banking sector – connecting savers and borrowers.&nbsp; In addition, large banks benefit from significant scale economies that drive efficiencies that reduces costs to benefit the whole economy.&nbsp; Forum members are committed to leveraging these strengths to serve households, communities, and businesses across the country.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;

Large Banks: Broad Economic Reach and Highly Efficient 

Dear reader,Welcome to the latest edition of The Forum File. In this edition, we are highlighting our firms’ work to promote financial health in low- and moderate-income communities.We hope you enjoy reading this edition and please do not hesitate to share your feedback.Kevin Fromer, President and CEO, Financial Services Forum&nbsp;<h2>Penny For Your Thoughts</h2>Christine Channels, Head of Community Banking and Consumer Governance, Bank of America&nbsp;<h3>What programs does Bank of America have to help people in low- and moderate-income communities improve their financial health?</h3>Financial health is at the root of strong, sustainable communities, and helping our clients build a solid financial foundation is fundamental to everything we do. We strive to connect our clients to products and services, job opportunities, and capital to increase financial resilience and help local communities thrive.One example of how we bring these commitments to life in local communities is through our recently <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/12/bofa-to-offer-free-financial-counseling-in-17-u-s--markets-throu.html">announced</a> plans to expand access to free financial counseling in partnership with Operation HOPE. We’ve partnered with Operation HOPE for 30 years to support our shared mission of addressing economic inequality, financial illiteracy, and inequitable access to capital. Our program is designed to engage the underserved and improve the financial health of millions of people across the country.We have already seen great results. On average, clients increased their yearly savings by $4,313; improved FICO scores by 21 points; and reduced annual debt by $837. We are expanding this program, called HOPE Inside™, to 180 of our financial centers in 17 U.S. markets beginning this year.<h3>How important is financial literacy to achieving financial goals, and how does Bank of America help close the financial education gap?</h3>We believe that financial health begins with awareness and financial education. A decade ago, we launched Bank of America’s Better Money Habits®, a free, online platform that connects people to relevant resources, tools and guidance to help them take control of their finances.With programming available in both English and Spanish, Better Money Habits provides resources and advice on topics such as <a href="https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/">budgeting and saving</a>, <a href="https://bettermoneyhabits.bankofamerica.com/en/debt">paying down debt</a>, <a href="https://bettermoneyhabits.bankofamerica.com/en/home-ownership">homeownership</a>, <a href="https://bettermoneyhabits.bankofamerica.com/en/retirement">retirement</a> and more. These tools help people make informed financial decisions, putting them on the path to financial success. Better Money Habits is driving people to make real, lasting change to financial behaviors and improve their financial lives.Outside of Better Money Habits, our teams are here to help clients set a foundation, build and strengthen credit and save if they can. We support and guide them as they think through, plan, and ultimately achieve their short- and long-term goals, step-by-step.Our resources range from offerings in Bank of America’s mobile app, including our AI-driven virtual financial assistant, Erica®, to activating our own employee volunteers, known as Better Money Habits Champions, to improve the financial wellbeing of communities across the country.<h3>How do these tools and programs help Bank of America make a difference in the communities in which it operates?</h3>Our goal is always to help our clients&nbsp;build strong financial foundations. We help address financial inequality by focusing on how we can best meet the diverse needs of our clients, ultimately strengthening communities in the process. This requires a comprehensive approach.In addition to our partnership with Operation HOPE, and resources such as Better Money Habits, we demonstrate our commitment to these communities through Community Banking: we have over 700 financial centers designated for community banking, and approximately 30% of our financial centers and ATMs are in low- and moderate-income and majority-minority communities. We have committed $15 billion to affordable homeownership, and another $15 billion through a commitment to the Neighborhood Assistance Corporation of America (NACA), with whom we share a 26-year partnership. Additionally, our efforts to advance racial and gender equality, economic opportunity and environmental sustainability include $2 billion in bonds and $2 billion invested with Community Development Financial Institutions to advance small businesses.&nbsp;<h2>Value Add</h2>Bank of America Investment in Minority Funds&nbsp;<figure class="image"><img src="https://fsforum.com/a/media/istock-1293175094.jpg"></figure>&nbsp;Bank of America’s investments in minority-focused funds provide capital to Black, Hispanic-Latino, Asian, Native American and other minority and women entrepreneurs to help them establish and grow their businesses. These equity investments address a persistent gap in access to growth capital for funds led by diverse managers and equity funding for the minority entrepreneurs they support.In January 2021, Bank of America <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/01/bank-of-america-announces-investments-in-40-private-funds-focuse.html#:~:text=Today%2C%20Bank%20of%20America%20announced,capital%20for%20minority%2Dled%20businesses.">announced</a> investments in 40 private funds focused on minority entrepreneurs. In May that year, the bank announced that it was increasing its target for equity investment in minority-focused funds from $200 million to $350 million. To date, the company has surpassed its target, committing over $400 million in more than 100 minority funds. The funds will in turn deploy more than $7 billion in capital to U.S. small and mid-sized enterprises, primarily led by diverse and/or women entrepreneurs.Beyond capital, our innovative approach is yielding broader benefits to the entire investment community. As an early investor in many instances, Bank of America serves as a catalyst, enabling emerging fund managers to attract other potential investors. The bank also provides these fund managers with access to other funds, investors and vendors by creating connectivity within the venture capital community.These investments are a component of Bank of America’s overall commitment to advancing racial equality and economic opportunity, which focuses on social issues in minority populations, such as health, jobs, education, housing and capital inequality.&nbsp;<h2>Capital Gains</h2>What we’re doing in Washington&nbsp;The Forum launched its new <a href="https://fsforum.com/news/category/policy-cents/1/9">Policy Cents</a> video series featuring Forum experts as they break down complex topics in the financial industry. In our first Policy Cents <a href="https://www.youtube.com/watch?v=Jc_a9tk6Ojw&amp;t=37s">video</a>, Forum Chief Economist Sean Campbell discusses the basics of bank capital and dives deeper into how capital requirements for large U.S. banks affect the entire economy. Stay tuned for our next Policy Cents video on large banks and the role they play in helping U.S companies compete internationally.&nbsp;<figure class="image image-style-align-center image_resized" style="width:75%;"><a href="https://www.youtube.com/watch?v=Jc_a9tk6Ojw"><img src="https://fsforum.com/a/media/screen-shot-2023-02-08-at-4.48.37-pm.png"></a></figure>&nbsp;In response to a proposal from the Federal Reserve Board, the Forum <a href="https://fsforum.com/news/forum-submits-comments-to-the-federal-reserve-board-regarding-proposed-guidance-on-climate-related-financial-risk">commented</a> on the agency’s efforts to provide guidance for banks to address climate-related financial risk and provided specific recommendations on how the proposal could be adjusted. The Forum’s feedback was similar to that provided to the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency in response to their earlier proposals.The Forum <a href="https://fsforum.com/news/financial-services-forum-announces-new-board-leadership-1">announced</a> that State Street Chairman and CEO Ron O’Hanley had been elected to serve as the chair of its board and Citigroup CEO Jane Fraser had been elected to serve as vice chair. O’Hanley replaced Goldman Sachs Chairman and CEO David Solomon, who served as chair of the Forum for two years. Fraser replaced O’Hanley, who served as vice chair. “The Forum is an important voice in Washington for our nation’s largest banks,” O’Hanley said. “I thank David for his outstanding work guiding our board, and I look forward to leading the organization at a critical moment for our country. The institutions that I and my colleagues lead have shown that they are a bulwark for the economy even in the midst of many challenges, most notably a global pandemic. The Forum will continue to prioritize working with policymakers to foster a strong financial system that supports a vibrant, healthy economy for all Americans.” Said Fraser, “I am proud to join Ron in leading the Forum as we work to promote policies that maintain a strong, safe and sound banking sector, which is vital to the health of households, large and small businesses, and to the competitiveness of the U.S. economy.”<h2>&nbsp;</h2><h2>Our Two Cents</h2>Research from the ForumThe BankNotes Blog spotlighted <a href="https://fsforum.com/news/fixing-what-ain-t-broken-the-real-and-hidden-costs-of-excessive-bank-capital-regulation">research</a> on both the direct and indirect costs of bank capital regulation and how a substantial increase in bank capital requirements could raise annual borrowing costs by roughly 0.25 percentage points, costing the economy over $100 billion per year and also incentivizing continued growth of the shadow banking sector.&nbsp;<h2>Checking the Balance</h2>Members in the newsBank of America is <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2023/01/bofa-investing-up-to--150-million-in-middle-income-housing-prese.html">investing</a> up to $150 million to preserve more than 3,000 affordable homes nationwide in partnership with Enterprise Community Partners, one of the nation’s largest affordable housing organizations. The partnership will foster the long-term preservation of middle-income homes by investing equity capital to acquire properties that are at risk of being converted into unaffordable, market-rate homes.BNY Mellon’s&nbsp;Treasury Services business&nbsp;<a href="https://www.bnymellon.com/us/en/about-us/newsroom/company-news/bny-mellon-named-best-global-trade-finance-provider-2023.html">received</a>&nbsp;two awards in Global Finance’s World’s Best Trade Finance Providers 2023 Awards, reflecting its commitment to providing innovative trade finance capabilities. The bank was named “Best Trade Finance Provider – Bank” in both the Global and North America categories, highlighting BNY Mellon’s role as a robust and reliable trade finance provider, as well as the firm’s efforts in driving innovation through investments in new technologies.In January, Citi released its latest report on supply chains, entitled: “<a href="https://financialservicesforum.createsend1.com/t/r-i-tjkidrhk-l-a/">Supply Chain Finance: Uncertainty in Global Supply Chains is Going to Stay</a>.” The report analyzes comprehensive data and survey evidence to reveal that while supply chain disruptions are subsiding, enhancing resiliency remains a top priority for businesses and institutions around the world.&nbsp;Goldman Sachs’&nbsp;One Million Black Women&nbsp;has&nbsp;<a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.bloomberg.com_news_articles_2023-2D01-2D23_nyc-2Dgoldman-2Dsachs-2Dlaunch-2Dloan-2Dprogram-2Dto-2Dgive-2Dsmall-2Dbusinesses-2Da-2Dlift-3Futm-5Fcontent-3Dcitylab-26utm-5Fcampaign-3Dsocialflow-2Dorganic-26utm-5Fsource-3Dtwitter-26utm-5Fmedium-3Dsocial&amp;d=DwMF-g&amp;c=7563p3e2zaQw0AB1wrFVgyagb2IE5rTZOYPxLxfZlX4&amp;r=b8iCANJjLlDzgmI1DhIxZS-McRP4R7RcWpchMfWzEiw&amp;m=Ee64gkNT74BJaksT0u-d5OTjEiLcKIZQQhgsDb9TaV5hcFs0TPEr2Nefx6-8c34y&amp;s=8FosTGPykqPrY8vkftRppK-ZscUSIcH3jYwQjvSipsc&amp;e=">partnered</a>&nbsp;with Mastercard and New York City Mayor Eric Adams to create the $75 million NYC Small Business Opportunity Fund, the largest public-private loan fund for small businesses in the city’s history. The partnership will also work with&nbsp;local Community Development Financial Institutions.&nbsp;JPMorgan Chase&nbsp;President Daniel Pinto, and Head of Strategic Planning Rosa Ramos-Kwok were&nbsp;<a href="https://www.bloomberglinea.com/2022/12/13/bloomberg-linea-presents-the-list-of-the-100-most-influential-latinos-around-the-world/">named</a>&nbsp;to Bloomberg Línea’s inaugural 100 Most Influential Latinos list. The lists highlights Latinos who are leading innovation and representation throughout various industries around the globe.&nbsp;Morgan Stanley&nbsp;<a href="https://www.prweb.com/releases/peopleshores_announces_project_elevate_a_partnership_with_morgan_stanley_to_uplift_the_careers_of_the_underemployed_in_brooklyn/prweb19119125.htm">partnered</a>&nbsp;with PeopleShores on a new initiative, Project Elevate, to help elevate people in economically and socially challenged neighborhoods with technology skills and practical experience to advance their career opportunities. The companies created a Technical Talent Development and Impact Sourcing Technology Center in Brooklyn, New York, designed to educate, employ and empower participants by providing work experience and professional development.State Street&nbsp;<a href="https://clicktime.symantec.com/15tStbMhJowE2C8KQik9U?h=sB6ErmpRKZ897hQJBdnpqNKqSCw4fQqzxICJqctZXBk=&amp;u=https://newsroom.statestreet.com/press-releases/press-release-details/2023/State-Street-Partners-with-Black-Owned-Businesses-to-Underwrite-1.25-Billion-of-Senior-Unsecured-Debt/default.aspx">partnered</a>&nbsp;with four Black-owned businesses to underwrite $1.25 billion of senior unsecured debt. This partnership reinforces State Street’s commitment to strengthening Black-owned businesses and represents an ongoing effort to partner with Black and Latinx-owned investment firms, as well as firms owned by other underrepresented groups, as part of its debt offerings.&nbsp;Wells Fargo&nbsp;<a href="https://newsroom.wf.com/English/news-releases/news-release-details/2023/Wells-Fargo-Launches-20-Million-Invest-Native-Initiative-for-Native-American-Communities/default.aspx">announced</a>&nbsp;a $20 million Invest Native initiative to advance economic opportunities in Native American communities working with Native-led organizations. The initiative aims to address housing, small business, financial health, and sustainability among Native American communities in Arizona, Montana, New Mexico, North Dakota, South Dakota, and Wyoming. The announcement builds on the company’s previous five-year,&nbsp;<a href="https://newsroom.wf.com/English/news-releases/news-release-details/2017/Wells-Fargo-Commits-50-Million-to-American-IndianAlaska-Native-Communities/default.aspx?adlt=strict">$50 million commitment</a>&nbsp;to address American Indian and Alaska Native communities’ unique economic, social and environmental needs.

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The Forum File, 2023 Edition #1

Fact Sheet

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

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


Capital and Financial Stability

What They’re Saying: Policymakers on Capital Levels and the Largest Banks

Axios

External Link

Finance Program Passes Target of Helping 100,000 Women Entrepreneurs

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<ul><li>Bank of America is the largest private investor in Community Development Financial Institutions (CDFIs) in the United States.&nbsp; The company provides capital to more than 250 CDFIs across all 50 states, which supply affordable, responsible loans and technical assistance to low-income and other underserved clients and communities.&nbsp;Bank of America’s portfolio of loans, deposits and investments to CDFIs exceeds $2 billion. Additionally, as part of its $1 billion commitment to closing the racial wealth gap, the bank has committed $50 million to support MDIs.</li><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 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>

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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 and provide funding for community organizations that are dedicated to closing the racial wealth gap.

<ul><li>Bank of America in 2021 provided $6.6 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">11,600 affordable housing units</a>, including 3,200 units for senior citizens, 3,400 units for formerly homeless, veterans, or those with special needs, and 5,500 certified green units. The bank also tripled its affordable homeownership initiative to $15 billion through 2027, giving homebuyers as much as $10,000 for down payments and as much as $7,500 for closing costs.</li><li>Citi in 2021 established its <a href="https://www.citibank.com/icg/sa/citicommunitycapital/">Affordable Housing Preservation Program</a>, 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. In Oregon, Citi provided a $10.0 million construction loan and a $4.7 million permanent loan for the renovation of Webster House, a 48-unit project targeting elderly households experiencing homelessness or at risk of becoming homeless.</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 (UIG)</a>, a domestic, multi-asset class investing and lending business that provides capital to real estate developments and social enterprises working in underserved communities. In 2021, UIG deployed over $3 billion in community development loans in low- and moderate-income communities and created and preserved 4,617 units of affordable housing across the country.</li><li>JPMorgan Chase in 2021 <a href="https://www.jpmorgan.com/commercial-banking/insights/affordable-housing-preservation-two-years-in">announced</a> it had committed more than $13 billion in financing for over 100,000 affordable housing units as part of its Affordable Housing Preservation Program. In 2020, JPMorgan Chase announced its <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 has also committed to originating over 40,000 home purchase loans and refinancing an additional 20,000 loans in minority neighborhoods.</li><li>Morgan Stanley, along with the National Equity Fund, in 2022 <a href="https://www.connectcre.com/stories/morgan-stanley-nef-invest-250m-in-affordable-housing-program/">committed $250 million</a> to preserve and deliver quality affordable and workforce housing at a national level. In 2021, Morgan Stanley partnered with the Metropolitan Atlanta Rapid Transit Authority (MARTA) and the National Equity Foundation to <a href="https://www.housingfinance.com/finance/partnership-launches-100-million-fund-to-preserve-housing-near-marta-stations_o">launch</a> the Greater Atlanta Transit-Oriented Affordable Housing Preservation Fund to boost MARTA’s affordable housing effort, which supports long-term preservationof affordable housing near MARTA rail stations by incentivizing and providing gap funding for owners of affordable housing.</li><li>State Street is a longtime supporter of <a href="https://www.metrohousingboston.org/about/">Metro Housing | Boston</a>, a Boston nonprofit that works with individuals and families who are homeless or at risk of losing their homes, helping them navigate available services to empower them to move along the continuum from homelessness to housing stability. In 2020, 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 program. Since 2010, State Street has invested over $1.7 billion in affordable housing.</li><li>Wells Fargo in 2022 <a href="https://newsroom.wf.com/English/news-releases/news-release-details/2022/Wells-Fargo-Foundation-Aims-to-Grow-Diverse-Housing-Developers-with-40-Million-Donation/default.aspx">announced</a> Growing Diverse Housing Developers, a $40 million grant initiative focused on expanding the growth and success of real estate developers of color, including Black- and Latino-owned firms, as well as increasing the supply of affordable homes across the country. Wells Fargo also works with NeighborWorks America <a href="https://nl.wfhmconsumerevents.com/">to provide</a> down payment assistance and homebuyer education for low- and moderate-income families. In one initiative, in 2021 the bank committed to invest $5 million to help more than 300 low- and moderate-income residents in Houston with home down payment assistance.</li></ul>

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Commitment to Affordable Housing

Forum members are playing a leading role in promoting affordable housing throughout the country. In 2021 alone, Forum banks created or preserved more than 150,000 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>

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Bringing Those Outside of Banking In

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>

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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

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Understanding the Role of Big Banks in American Competitiveness

Forum Chief Economist Sean Campbell discusses the important role that the nation’s biggest banks play in helping American companies compete internationally and explains how American international competitiveness is critical to ensuring the success and vibrancy of the U.S. economy.

Video

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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 Chair

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Citigroup

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

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Jane Fraser

Citigroup Chief Executive Officer, Forum Vice Chair

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Bank Of America

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

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

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

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

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Brian Moynihan

Bank Of America Chairman Of The Board And Chief Executive Officer

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BNY Mellon

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

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

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

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Robin Vince

BNY Mellon Chief Executive Officer

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The Goldman Sachs Group, Inc.

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

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

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

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David Solomon

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

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JPMorgan Chase & Co.

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

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

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

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

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Jamie Dimon

JPMorgan Chase & Co. Chairman And Chief Executive Officer

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Morgan Stanley

Mr. Gorman is Chairman and CEO of Morgan Stanley.

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

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

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

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

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

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James Gorman

Morgan Stanley Chairman And Chief Executive Officer

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Wells Fargo & Company

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

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

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

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

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

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

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

Charles Scharf

Wells Fargo & Company Chief Executive Officer And President

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