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☆ US bank CEOs say they could exit China if it ever attacks Taiwan
▼ + stars: | 2022-09-23 | by ( Michelle Toh | Cnn Business | ) edition.cnn.com time to read: +1 min

Hong Kong (CNN Business) Leaders of America's biggest banks say they would follow any US directive on pulling business from China if Taiwan is ever attacked by Beijing. JPMorgan JPM Citi C Bank of America BAC CEO Jamie Dimon,CEO Jane Fraser, andCEO Brian Moynihan were all pressed on the subject Wednesday by US Congressman Blaine Luetkemeyer, from Missouri, in a Capitol Hill hearing"We'll follow [the] government's guidance, which has been for decades to work with China, and if they change that position, we'll immediately change it, as we did in Russia," said Moynihan, citing the corporate response to Russia's invasion of UkraineDimon said JPMorgan would "absolutely salute and follow whatever the American government says — which is you all — and what you want us to do." Asked what she would do if the decision was left to her, Fraser said that it was "highly likely that we would have a materially reduced presence, if any at all in the country."

☆ A Microsoft exec just joined Bank of America for a new role at the bank focused analyzing and innovating with customer data
▼ + stars: | 2022-09-23 | by ( Carter Johnson | ) www.businessinsider.com time to read: +3 min

Bartholf will report to David Tyrie, the bank's chief digital officer and head of global marketing. Like other Wall Street firms, BofA faces an abundance of data as customer interactions go digital. Bank of America just nabbed a top exec from Microsoft as the nation's second-largest bank looks to build out a new data and analytics team. Bartholf will head up a new, centralized group at the bank focused on data, the memo said. Based in Charlotte, Bartholf joins Bank of America after spending more than two decades at Microsoft.

☆ Senior Republican chastises banks for social agenda that 'harms America'
▼ + stars: | 2022-09-22 | by ( Pete Schroeder | ) www.reuters.com time to read: +2 min

Senator Pat Toomey speaks in the Dirksen Senate Office Building in Washington, D.C.,U.S., May 10, 2022. Tom Williams/Pool via REUTERS/File Photo/File PhotoWASHINGTON, Sept 22 (Reuters) - The heads of the nation's largest banks faced pointed criticism from a top Republican Thursday, as he chastised firms for "embracing a liberal ESG agenda that harms America." Senator Pat Toomey, the senior Republican on the Senate Banking Committee, urged banks to "cease and desist" from weighing in on social and cultural issues as chief executives appeared before Congress for an oversight hearing. They were joined by the CEOs of the country's largest regional lenders, US Bancorp (USB.N), PNC Financial (PNC.N) and Truist (TFC.N). read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Pete Schroeder Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Lawmakers also asked the CEOs to condemn China's "human rights abuses," in a departure from previous hearings that tended to focus on domestic issues like housing and consumer protection. JPMorgan & Chase (JPM.N) CEO Jamie Dimon and Citigroup CEO Jane Fraser both concurred, saying their banks would follow government guidance if China were to invade Taiwan. When asked later by Republican Lance Gooden if she would condemn "ongoing human rights abuses in China," Fraser hesitated. JPMorgan's Dimon also warned the United States had to compete with global Chinese banks, which have grown in size over the last few years to become the biggest in the world. "I am going to do everything in my power to make sure we compete with the best Chinese banks in the world.

☆ Bank CEOs address regulatory requirements before House Financial Services Committee
▼ + stars: | 2022-09-21 | 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 EmailBank CEOs address regulatory requirements before House Financial Services CommitteeJamie Dimon, CEO and chair of JPMorgan Chase, and Brian Moynihan, CEO of Bank of America, join the House Financial Services Committee to address questions about projected outcomes of increased liquidity standards and the economic cost of additional capital requirements.

☆ U.S. bank CEOs set for congressional grilling by Democrats and Republicans
▼ + stars: | 2022-09-21 | by ( Pete Schroeder | ) www.reuters.com time to read: +2 min

People wearing masks for protection against the coronavirus disease (COVID-19) walk past the U.S. Capitol in Washington, U.S., September 4, 2022. read moreThe CEOs due to testify include the heads of the four largest U.S. banks: JPMorgan Chase & Co's Jamie Dimon, Wells Fargo's (WFC.N) Charles Scharf, Bank of America's (BAC.N) Brian Moynihan and Citigroup's Jane Fraser. They are set to be joined by US Bancorp (USB.N) CEO Andy Cecere, PNC Financial (PNC.N) CEO William Demchak and Truist's (TFC.N) Bill Rogers, who run the country's largest regional lenders. Democrats are likely to press bank executives on fees, the closure of bank branches in poorer areas and how banks are addressing fraudulent transactions. Some large banks have adopted policies that some Republicans say amount to boycotts of certain industries such as fossil fuels and firearms.

☆ JPMorgan CEO Dimon to warn Congress of economic 'storm clouds' -testimony
▼ + stars: | 2022-09-20 | by ( Pete Schroeder | ) www.reuters.com time to read: +3 min

JP Morgan CEO Jamie Dimon speaks at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S., November 23, 2021. REUTERS/Brian SnyderWASHINGTON, Sept 20 (Reuters) - JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon plans to tell Congress that the U.S. economy faces "storm clouds," according to prepared testimony. Dimon, who is due to testify alongside major U.S. bank CEOs at congressional hearings Wednesday and Thursday, will outline the competing forces buffeting the nation's economy. The hearing will seek CEO testimony on a range of issues, including consumer protection, compliance issues, diversity and "issues relating to the public interest" such as worker rights and abortion access, according to the memo. They will be joined by US Bancorp (USB.N) CEO Andy Cecere, PNC Financial (PNC.N) CEO William Demchak, and Truist Financial (TFC.N) CEO William Rogers, who run the country's largest regional lenders.

☆ Factbox: Meet the big bank CEOs set to be grilled by Congress
▼ + stars: | 2022-09-20 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

In his prepared testimony, Moynihan touted the firm's focus on "responsible growth" as critical to its stability and strength. CITIGROUP INCJane Fraser, the first woman to lead a major Wall Street bank, was appointed in March 2021. In her prepared testimony, Fraser said the bank had made "significant progress" in divesting from those areas, while supporting institutional clients. U.S. Bancorp is currently the fifth largest bank in the U.S. with $582 billion in assets, and the largest bank outside of the "globally systemic" firms. Rogers describes the bank as "purpose-driven" in his prepared testimony, and highlighted efforts to boost investment in lower income and majority-minority communities.

☆ Big U.S. bank CEOs to be grilled by Congress on consumer, social issues
▼ + stars: | 2022-09-19 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

The line-up includes the CEOs of the four largest U.S. banks: JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Citi's Jane Fraser and Wells Fargo's Charles Scharf. They will be joined by USBancorp (USB.N) CEO Andy Cecere, PNC Financial (PNC.N) CEO William Demchak, and Truist Financial CEO William Rogers, who run the country's largest regional lenders. That's a message the banks' executives, lobbyists, and trade groups have conveyed during a marathon of private meetings with key lawmakers over the past few weeks, the sources said. But bank executives are also wary of growing criticism from Republicans, traditionally allies who have pushed back against heavy regulation, over what they see as Wall Street's increasingly liberal leanings on environment and social issues. While executives faced some critical questions from Republicans on such issues last year, the pressure will be greater this time, said analysts.

☆ Another big rate hike is coming. Lather. Rinse. Repeat
▼ + stars: | 2022-09-18 | by ( Paul R. La Monica | Cnn Business | ) edition.cnn.com time to read: +6 min

As such, experts' forecasts for the Fed's key short-term rate after the November meeting range from 3.5% to 4%. In other words, the Fed's rate hikes could ultimately lead to the economy cooling off more than the central bank would like. Too many big rate hikes risk "sending the economy into a mild recession," Chubb said. What's more, other central banks, mainly the European Central Bank, are likely to step up the pace and size of rate increases as well. "Major central banks still have work to do on inflation, including the Fed and the ECB.

☆ Say goodbye to paper money — banks are quietly working to get rid of cash
▼ + stars: | 2022-06-14 | by ( Brett Scott | ) www.businessinsider.com time to read: +15 min

A payments system without cash is one dependent on banks that are prone to financial crises, systems failure, and cyberattacks. The digital chips promise you government-issued dollar bills, and that promise is empty if you can't get those from the ATM. Despite how crucial it is to maintain an inclusive, multimodal payments system with nonbank and non-digital options, our payments system is being driven toward a monoculture. Ads for digital payments don't say, "Enjoy the speed, convenience, surveillance, cyber-hacking, exclusion, and critical infrastructure weaknesses that our platform brings," yet that is what lies beneath the surface-level slickness of digital payments. The world's most vulnerable people rely on the already existing, physical cash system, and our priority should be to protect that system.

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