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Spokespeople for the banks declined to provide comment ahead of the hearing or did not respond to requests for comment. Kevin Fromer, president of the Financial Services Forum, which represents the CEOs, said he expected Basel to be a focus. Big bank CEOs have been appearing before Congress for several years after the 2007-09 financial crisis and subsequent scandals thrust the industry into Washington's crosshairs. Former Wells Fargo CEO Tim Sloan, meanwhile, resigned in March 2019 after stumbling during a hearing about the bank's regulatory woes. But after years of playing defense, the CEOs are expected to be more assertive, this time backed by Republicans critical of red tape.

Persons: Andy Cecere, William Demchak, Jamie Dimon, Jane Fraser ,, Brian Moynihan, William Rogers, Wells, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, Goldman Sachs, David Solomon, Morgan Stanley's James Gorman, Ronald O'Hanley, BNY Mellon's Robin Vince, Sherrod Brown, Brown, Kevin Fromer, Dimon, Elizabeth Warren, Tim Sloan, meanwhile, Tim Scott, Pete Schroeder, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: U.S . Bancorp, PNC Financial Services Group, JPMorgan Chase, Co, Citigroup, Jane Fraser , Bank of America, Truist Financial, JPMorgan, Bank of America, Bank of America's, Democratic, Silicon Valley Bank, Financial Services, Big, Former Wells, Republicans, Thomson Locations: WASHINGTON, Wells Fargo, Silicon, Basel, New York

☆ State Street CEO O'Hanley to take additional role as bank's president
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The logo and trading symbol of financial services company State Street are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 30 (Reuters) - State Street Corp (STT.N) said on Monday its CEO and Chairman Ron O'Hanley will take on an additional role as the bank's president after Louis Maiuri retires, set for early next year. Maiuri also serves as State Street's chief operating officer and head of its largest business, investment services. The custodian bank said Mostapha Tahiri, currently head of Asia Pacific, Middle East and North Africa, will become chief operating officer, while O'Hanley will take the responsibility of the investment services unit. State Street is among the world's largest custodian banks with $40 trillion in assets under custody and/or administration and $3.7 trillion in assets under management (AUM) as of Sept 30.

Persons: Brendan McDermid, Ron O'Hanley, Louis Maiuri, Maiuri, Mostapha Tahiri, O'Hanley, Manya Saini, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Street Corp, Asia Pacific, Thomson Locations: New York, U.S, Middle East, North Africa, Bengaluru

☆ BlackRock's ESG backlash looms over Larry Fink's legacy and succession
▼ + stars: | 2023-07-18 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +11 min

"BlackRock has posted industry-leading organic growth over the last year while most of our competitors are experiencing persistent outflows," a company spokesperson told Insider. I criticize the way they defended it," Seifert told Insider. "Given no mortal can fill Larry's shoes, there is a high risk they pick some Jeff Immelt equivalent," Keeley told Insider. Fink chose to make his letters public, which leads to concerns that Fink wrote them as a PR exercise. However, the most effective engagement is typically private," Edmans told Insider.

Persons: Larry Fink, It's, Fink, hasn't, Larry, BlackRock, BlackRock's, Terrence Keeley, —, it's, Ron DeSantis, GIORGIO VIERA, Erik McGregor, Keeley, They're, Cathy Seifert, Seifert, Rob Kapito, Mark Wiedman, Martin Small, Rachel Lord, Susan Wagner, Jack Welch, Jeff Immelt, Welch, Electric's, Immelt, Tim Buckley, Abby Johnson, Ron O'Hanley, Jamie Dimon, Alex Edmans, Edmans, Michael M, he's, I've, Rob Organizations: BlackRock, Republicans, GOP, Bloomberg, CNBC, Florida Gov, Getty, UBS, Environmental, CFRA Research, Company, JPMorgan, Citi, GE, Vanguard, Fidelity, London Business School Locations: BlackRock, Texas, Florida, Fink

☆ From cooling inflation to a looming recession, here's what CEOs of the 5 largest US banks are predicting for the economy through 2023
▼ + stars: | 2023-04-22 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

The world's largest banks reported earnings over the past week. Here is what some top bank CEOs are saying about the US economy during their earnings calls this season. JPMorgan CEO Jamie DimonThe Wall Street vet warned investors of looming "storm clouds" ahead. Bank of America CEO Brian MoynihanDuring an earnings call, Moynihan warned of a US recession but said inflation has showed signs of cooling. He allayed fears of a full-blown banking crisis, addressing the turmoil sparked by collapse of specialist banks like SVB last month.

☆ State Street profit misses on lower fee income; shares fall
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

State Street, the world's largest custodian bank, saw its assets under custody or administration fall 10% to $37.6 trillion in the first quarter. Along with a number of other large U.S. banks, State Street provided $1 billion of liquidity to First Republic Bank (FRC.N) last month. State Street set aside $44 million as provision for credit losses in the reported quarter as steep rate rises stoke fears of an economic slowdown. Analysts had expected State Street to earn $1.64 per share, according to Refinitiv IBES data. "We are optimistic about client onboardings and we expect revenue growth in the coming quarter," State Street Chief Executive Officer Ron O'Hanley said.

☆ Here's how higher interest rates are pushing down State Street's earnings and stock price
▼ + stars: | 2023-04-17 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

State Street reported misses on the top and bottom lines for the first quarter. Analysts and State Street's management's drilled down on a small portion of the company's business during the conference call — noninterest-bearing accounts. While retail investors are likely more familiar with State Street's ETF arm, the company's business clients use State Street's custody services, which can include keeping cash in operational accounts that earn zero interest. That shift, even if the money goes into other State Street products, hurts the company's net interest income because customers are now getting a cut of the interest. State Street CEO Ronald O'Hanley said on the call that the shift away from noninterest-bearing accounts would cause no change in State Street's stock buyback plan.

☆ S&P says not seen rampant deposit outflows to merit rating action
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 15 (Reuters) - S&P has not placed other U.S. banks on CreditWatch negative since First Republic Bank as it has not seen widespread deposit outflows, the ratings agency said on Tuesday, hours after Moody's cut its outlook on the U.S. banking system to negative. read more read moreEarlier on Tuesday, S&P Global Ratings placed First Republic Bank (FRC.N) on CreditWatch negative, reflecting lower confidence in the lender's financial strength. However, later in the day, S&P said it had not seen evidence that the unmanageable deposit outflows seen at a few banks had widely spread across the banks it covers. Moody's Investors Service revised its outlook on the U.S. banking system to "negative" from "stable" earlier on Tuesday to reflect the rapid deterioration in the operating environment. Reporting by Lavanya Ahire and Shubham Kalia in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Simple fact that there's a Saudi-Iranian agreement 'makes the world safer': State Street CEO
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSimple fact that there's a Saudi-Iranian agreement 'makes the world safer': State Street CEORonald O'Hanley, State Street CEO, says "we're better off today than we were a week ago."

☆ Davos 2023: State Street CEO says had no idea about leverage in LDI funds
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 17 (Reuters) - State Street said on Tuesday it was unaware how much leverage was tied up in liability-driven investment (LDI) funds which came under extreme stress last year after British government bond yields rocketed. LDI funds are used by UK pension funds to help ensure they can pay pensions. "We had no idea how much leverage was in the system," State Street CEO Ronald O'Hanley told a panel at the World Economic Forum in Davos. State Street manages LDI products and provides collateral services for them, he said. "The challenge there wasn't the product, the challenge there was leverage and this is the problem," O'Hanley said.

☆ Top business leaders discuss financial innovation at the World Economic Forum
▼ + stars: | 2023-01-17 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 2:30 a.m. Please refresh the page if you do not see a player above at that time.] Moderated by CNBC's Steve Sedgwick, top business leaders discuss at Davos, Switzerland, how financial actors respond to ongoing disruptions while keeping pace with technological advancement. Joining CNBC is Ronald P. O'Hanley, the chairman and chief executive officer at State Street Corporation, Lynn Martin, president of NYSE Group Inc., Dan Schulman, the president and chief executive officer at PayPal, Mark Suzman, the chief executive officer of the Bill & Melinda Gates Foundation and Mohammed Al-Jadaan, the minister of finance for Saudi Arabia. Subscribe to CNBC on YouTube.

☆ Inside the private-debt boom: Wall Street's hottest asset faces a tremendous test in a dimming economy
▼ + stars: | 2022-12-05 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +10 min

Defaults on private loans, which have fallen steadily since the pandemic's height in 2020, are ticking up. Private credit, or private debt, are catch-all terms to describe privately negotiated loans outside the public debt markets. Private credit firms engage in what's known as direct lending, making these private loans to companies who turn to them instead of a traditional bank. Analysts and asset management executives say private debt has held up well in 2022 in the face of brutal stock and bond market volatility. 'Fighting for allocation'A challenge for private debt funds in the past decade has been a dearth of companies they can lend to.

☆ Goldman Sachs' humbling U-turn on its consumer banking ambitions
▼ + stars: | 2022-10-19 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +5 min

Third-quarter results from the big Wall Street banks are now behind us, and they were … pretty good, all things considered? Goldman Sachs reported yesterday, and while it may not be the biggest nor the best bank (OK, No. Trading and dealmaking made the reputation of the 153-year-old Wall Street firm, but the spotlight lately has been on its struggling consumer banking unit, Marcus. The consumer business "doesn't make money at the moment," Solomon acknowledged, but he added: "The deposits are hugely valuable. From Wall Street darlings to prey.

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