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The Financial Services Forum [1] is an American, non-partisan economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States.
On September 20, 2017, the Forum announced the appointment of Kevin Fromer as its new president and Chief Executive Officer. [2]
In January 2019, the Financial Services Forum announced [3] that Morgan Stanley Chairman and CEO James Gorman would serve as the Chairman of its Board, a position previously held by Brian Moynihan, CEO of Bank of America. Citigroup CEO Michael Corbat assumed the Board's Vice Chairman role in 2019.
The Financial Services Forum represents the interests and views of the eight largest and most diversified financial institutions headquartered in the United States. The Forum members are Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley, State Street Corporation and Wells Fargo.
These internationally active institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors and communities throughout the country.
The Forum works to advance policies that promote savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. It also develops evidence-based information on the value of its members to the U.S. economy and communities.
Forum members employ 755,000 people in the United States.
Since the financial crisis, the eight members of the Forum have taken significant steps to enhance the safety and resilience of their institutions and, as a consequence, the financial system as a whole. Forum members doubled their liquidity and increased their capital, which acts as a cushion against losses, by more than 40 percent from 2010 to 2020.
Forum members have actively worked to support customers, communities and the economy during the COVID-19 crisis. Through the Forum, the members announced in March 2020 that they were suspending share buybacks [4] and were accessing the Federal Reserve's discount window. [5] The Forum also joined other trade groups in advocating for support for U.S. businesses and consumers, such as supporting additional funds for the Paycheck Protection Program to support small businesses. [6]
The Financial Services Forum was established in 2000 by a core group of financial institution chief executive officers (CEO) following the enactment of the Gramm-Leach-Bliley Financial Modernization Act of 1999 (GLBA). The Forum's membership expanded and changed over time and in 2017, the Forum was reconstituted to represent solely the interests and views of the CEOs of the eight U.S.-based banks that had been designated as Global Systemically Important Financial Institutions.
Kevin Fromer, former Assistant Secretary at the U.S. Treasury Department, was appointed to serve as the Forum's president and CEO in 2017. In an interview with Politico in 2018, [7] Fromer discussed the role of the Forum, “I think there's value in ensuring that individuals who are talking about the banks — whether they're large banks or community banks or regional banks — understand the value that those institutions provide.”
Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 41 countries and more than 75,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in the 2023 Fortune 500 list of the largest United States corporations by total revenue and in the same year ranked #30 in Forbes Global 2000.
Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation incorporated in Delaware and headquartered in New York City. The company was formed by the merger of Citicorp, the bank holding company for Citibank, and Travelers in 1998; Travelers was spun off from the company in 2002.
Citibank, N.A. is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.
Sanford I. "Sandy" Weill is an American banker, financier and philanthropist. He is a former chief executive and chairman of Citigroup. He served in those positions from 1998 until October 1, 2003, and April 18, 2006, respectively.
U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.
Robert Edward Rubin is an American retired banking executive, lawyer, and former government official. He served as the 70th U.S. Secretary of the Treasury during the Clinton administration. Before his government service, he spent 26 years at Goldman Sachs, eventually serving as a member of the board and co-chairman from 1990 to 1992.
James Dimon is an American billionaire banker and business executive. He has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006.
Charles Owen "Chuck" Prince III is an American corporate executive and lawyer. He is a former chairman and chief executive of Citigroup. He succeeded Sandy Weill as the chief executive of the firm in 2003, and as the chairman of the board in 2006. On November 4, 2007, he retired from both his chairman and chief executive duties due to unexpectedly poor 3rd quarter performance, mainly due to CDO and MBS related losses, while still receiving a $38m pay package.
E-Trade Financial Corporation, a subsidiary of Morgan Stanley, offers an electronic trading platform to trade financial assets. The company receives revenue from interest income on margin balances, commissions for order execution, payment for order flow, and management services.
Robert Stanley Nichols is an American association executive and former public official. He is currently the president and CEO of the American Bankers Association. He was previously president and CEO of the Financial Services Forum from 2005 to 2015 and an assistant secretary at the U.S. Treasury Department during the George W. Bush administration.
U.S. Century Bank is a community bank in Miami-Dade County, Florida, with headquarters in the city of Doral. U.S. Century Bank is a Minority Depository Institution (MDI) operating in South Florida. As of December 2023, it has $2.3 billion in total assets, $192 million in equity capital, and a branch network that includes 10 locations in Miami-Dade and Broward counties. It is a member of the Federal Deposit Insurance Corporation and rated five stars by Bauer Financial.
Butterfield, officially The Bank of N. T. Butterfield & Son Limited, is a bank founded and based in Bermuda. It provides services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where its principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where it offers specialized financial services. Banking services comprise deposit, cash management and lending for individual, business and institutional clients. Wealth management services are composed of trust, private banking, asset management and custody. In Bermuda, the Cayman Islands and Guernsey, Butterfield offers both banking and wealth management. In The Bahamas, Singapore and Switzerland, Butterfield offers select wealth management services. In the UK, Butterfield offers residential property lending. In Jersey, it offers banking and wealth management services. Butterfield is publicly traded on the New York Stock Exchange and the Bermuda Stock Exchange.
The U.S.–Russia Business Council (USRBC) is a Washington, D.C.–based trade association that represents the interests of 300 member companies with operations in the Russian market. The Council's mission is to expand the U.S.–Russian commercial relationship. Guided by member interests, the Council lobbies for an economic environment in which businesses can succeed in a challenging Russian market. It contributes to the stability and development of a free market in Russia and supports its integration into the global economy.
Founded in 2001, the American Council on Renewable Energy (ACORE) is a member-based, 501(c)(3) national non-profit organization that unites finance, policy and technology to accelerate the transition to a renewable energy economy.
Vikram Shankar Pandit is an Indian-American banker and investor who was the chief executive officer of Citigroup from December 2007 to 16 October 2012 and is the current chairman and chief executive officer of The Orogen Group.
Sir Winfried Franz Wilhelm Bischoff was a German-born British banker who was the chairman of Lloyds Banking Group. He previously served as chairman and interim CEO of Citigroup in 2007. He was succeeded as CEO by Vikram Pandit on 11 December 2007. Bischoff stepped down as chairman on 23 February 2009 and was replaced by Richard Parsons. He had dual British and German citizenship.
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California. Wachovia provided global services through more than 40 offices around the world.
Ellen Rose Alemany is an American business executive. She is the Vice Chairwoman of First Citizens BancShares. She was formerly the chairwoman of CIT Group.
Ajaypal Singh "Ajay" Banga is an Indian-born American business executive. He is currently the president of the World Bank Group. He was vice chairman at General Atlantic, and was before that executive chairman of Mastercard, after having previously served as president and chief executive officer (CEO) of the company from July 2010 until December 31, 2020. He retired from this position on December 31, 2021, to join General Atlantic. He is also the chairman of Netherlands-based investment holding company Exor and chairman of the public-private Partnership for Central America with U.S. Vice President Kamala Harris.
The Bank Policy Institute (BPI) is an American public policy, research, and advocacy organization, based in Washington, D.C.
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