U.S. lawmakers grill bank CEOs for the first time since financial crisis

U.S. lawmakers grill bank CEOs for the first time since financial crisis

Gun Rights

(Reuters) – Chief executives of some of the largest U.S. banks appeared before Congress on Wednesday, giving lawmakers their first opportunity to grill the lenders since the 2007-2009 financial crisis. 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 Democratic lawmakers focused many of their questions on who the banks were doing business with, probing for answers about their Russian accounts and financing of gun manufacturers. 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, JPMorgan Chase & Co’s Jamie Dimon was the only one who headed his bank before the financial crisis. Still, bank executives got a few chances to flag hoped-for talking points like their positive contribution to the economy when Republican lawmakers quizzed them on more systemic issues. Along with JPMorgan’s Dimon, Bank of America Corp’s Brian Moynihan, Citigroup Inc’s Mike Corbat, Goldman Sachs Group Inc’s David Solomon and Morgan Stanley’s James Gorman all faced off against the House Financial Services Committee. Ronald O’Hanley, CEO of State Street Corp, and Charles Scharf, CEO of Bank of New […]

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