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Are you a robot, Bloomberg?

  • 👤 Renee Ward
  • 👁 789
  • ⏰ Published: 2023-12-09 Time: 06:48:01
Table of Contents

    industriesClosed Dec 6, 2023

    • Goldman CEO calls new rules ‘punitive to economic growth’
    • JPMorgan’s Dimon: Capital rules will hurt lower-income borrowers
    • Citi CEO Fraser still sees possibility of a recession
    • Basel III endgame divides senators at bank CEO hearing

    Charles Scharf, Brian Thomas Moynihan, Jamie Dimon, Jane Fraser, Ronald O’Hanley, Robin Vince, David Solomon and James Gorman testify during a Senate Banking Committee hearing on Dec. 6 in Washington, DC.

    Charles Scharf, Brian Thomas Moynihan, Jamie Dimon, Jane Fraser, Ronald O’Hanley, Robin Vince, David Solomon and James Gorman testify during a Senate Banking Committee hearing on Dec. 6 in Washington, DC.Photographer: Win McNamee/Getty Images

    Thanks for joining us. Here are five key takeaways from the Senate Banking Committee’s Wall Street oversight hearing Wednesday, featuring eight big-bank CEOs:

    • The Basel III Endgame proposal that US regulators unveiled in July was by far the main topic Wednesday, despite not being the hearing’s stated purpose. The CEOs shared their criticisms, which are well-known at this point. Lawmakers, particularly on the Republican side, expressed their skepticism as well.
    • The event was short on fiery moments, which is unusual. Senator Elizabeth Warren, a prominent Democrat and frequent bank critic, used her time to ask about crypto -- leading to a rare moment of unity between her and JPMorgan Chase & Co. CEO Jamie Dimon.
    • This year’s regional bank failures also came up quite a bit. The banks touted their position of strength during that time of turmoil, with Morgan Stanley CEO James Gorman saying: “It was not a banking crisis, it was a crisis of three banks.” At one point Dimon said he would be happy to take over the Federal Deposit Insurance Corp.
    • The state of the economy also came up, though it got surprisingly little air time. Citigroup Inc. CEO Jane Fraser said that there is still a chance of a recession, and her firm is seeing increasing weakness among consumers with low credit scores.
    • These hearings tend to be wide-ranging and today was no exception. Other topics that came up included: artificial intelligence, cannabis banking, carried interest, payday loans and farmers in South Carolina.

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