(Reuters) – Chief executives of some of the largest U.S. banks faced off with the House Financial Services committee for the first time since the financial crisis on Wednesday armed with the healthy balance sheets, but lawmakers grilled executives more on social issues than business fundamentals.
Jamie Dimon, chairman & CEO of JP Morgan Chase & Co., alongside James P. Gorman, chairman & CEO of Morgan Stanley, and other bank ceos are sworn in before a House Financial Services Committee hearing on “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 Years After the Financial Crisis” on Capitol Hill in Washington, U.S., April 10, 2019. REUTERS/Aaron P. Bernstein
CEOs from JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Goldman Sachs Group Inc, Morgan Stanley, State Street Corp and Bank of New York Mellon Corp walked into the hearing room ready to argue Wall Street has reformed the practices that fueled the 2007-2009 crisis and stress the contribution banks make to the broader economy.
But the tone, questions and players were distinctly different from a decade ago, when lawmakers focused on banks’ ability to safeguard the financial system and avoid future bailouts. Among the CEOs on the panel,Read the rest of this post here