U.S. Bank Executives Say Wall Street Has Reformed, Though Crisis Scars Linger

www.oann.com | 10/28/2013 | Staff
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(Reuters) – The U.S. economy is strong and Wall Street has reformed practices that contributed to the financial crisis a decade ago, chief executives of some of the largest U.S. banks said in prepared testimony released by the House Financial Services Committee late on Monday.

But in discussing all the progress that has been made, there was also an acknowledgement that scars from the crisis linger, and that many consumers still have a negative perception of the financial industry.

Confidence - US - Services - Economy - Jamie

“Confidence in U.S. financial services and the American economy remains uncertain,” wrote Jamie Dimon, CEO of JPMorgan Chase & Co, the largest U.S. bank.

Testimony from CEOs of Citigroup Inc, Goldman Sachs Group Inc, Morgan Stanley, Bank of New York Mellon, State Street Corp and Northern Trust also appeared.

Wednesday - Time - US - Banks - Congress

Wednesday will mark the first time the largest U.S. banks have appeared before Congress since the 2008 financial crisis, and will see the CEOs face off against Democratic Representative Maxine Waters and progressives including Alexandria Ocasio-Cortez, who have fiercely criticized Wall Street. Waters leads the committee which vets financial companies on behalf of the U.S. lower house.

As the 2020 election race heats up, U.S. Democrats driven by progressive firebrands like Senators Bernie Sanders and Elizabeth Warren see financial inclusion as a draw for voters.

Testimonies

In their testimonies, the...
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