CEOs of the Bank of America, Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Citigroup all plan to inform the House Financial Services Committee about the improvement of operations since the financial crisis at their institutions.
This is the first time in a decade that there is a hearing of the top executives of the largest banks in the nation before a panel of the Congress.
“Creating a strong culture of compliance does not mean we will never make another mistake. What it does mean is that we have a governance structure in place that helps us identify mistakes and misbehavior, learn from them and hold ourselves accountable for whatever actions preceded those episodes,” wrote the CEO of Citigroup, Michael Corbat in prepared testimony.
“Long-term and enduring success lies in having a strong culture and talented employees who live our values,” wrote the CEO of Morgan Stanley, Mr. James Gorman, in his testimony. “Our culture guides our employees, and our values inform everything we do: we have a commitment to putting clients first, leading with exceptional ideas, doing the right thing, and giving back.”
CEO at Chase, Mr. Jamie Dimon said that the executive pay at lender has been designed to “hold executives accountable, when appropriate, for meaningful actions or issues that negatively impact business performance in current or future years.”
“Through regulatory reform efforts, we have fundamentally improved the safety and soundness of our financial system, substantially raised capital and liquidity requirements at our largest institutions and established a credible resolution planning process to ensure that taxpayers will no longer be on the hook in the event of failure,” he further added.
Meanwhile, the CEO of Goldman, Mr. David Solomon advertized the investments in the global compliance operation of the investment bank which is a part of a greater commitment to “learn the right lessons from our experiences, and to operate with the utmost integrity in all our activities,” he wrote in the testimony.