The Financial Services Forum
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Financial Services Forum Statement on Share Buybacks

15 Mar 2020

Washington, D.C. – The Financial Services Forum announced that its eight members decided today to temporarily suspend share buybacks for the remaining period of the first quarter and the second quarter of 2020.

The COVID-19 pandemic is an unprecedented challenge for the world and the global economy and the largest U.S. banks have an unquestioned ability and commitment to supporting our customers, clients and the nation.

The decision on buybacks is consistent with our collective objective to use our significant capital and liquidity to provide maximum support to individuals, small businesses, and the broader economy through lending and other important services. The decision is consistent with actions by the Federal Reserve, the administration, and the Congress.

Financial Services Forum member institutions are Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, State Street, and Wells Fargo.

Each member institution retains the ability to reinstate its buyback program as soon as circumstances warrant. The Forum members have apprised the Board of Governors of the Federal Reserve System of their decision.

Members of the Financial Services Forum, who are subject to the Large Institution Supervision Coordinating Committee supervisory program, remain strong and well-capitalized. They collectively have increased their capital, which acts as a buffer in times of stress, by more than 40 percent in the past 10 years to $914 billion. The members of the Forum have repeatedly passed the Federal Reserve’s annual stress tests, showing they are able to continue to lend and support the economy even during a severe economic downturn.

CONTACT: Barbara Hagenbaugh
(202) 457-8783
bhagenbaugh@fsforum.com

###

The Financial Services Forum is an 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. Forum member 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 promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.

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© 2020 Financial Services Forum • All Rights Reserved

https://www.fsforum.com/types/press/releases/financial-services-forum-statement-on-share-buybacks/?mod=article_inline
 

The Financial Services Forum

           

Brian Moynihan
James Gorman
Jamie Dimon
Michael Corbat
Ronald O'Hanley
Charles Scharf
David Solomon
Thomas Gibbons

The Financial Services Forum is an 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. Forum member 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 promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.



James Gorman

Morgan Stanley Chairman and Chief Executive Officer, Forum Chairman


Mr. Gorman is Chairman and CEO of Morgan Stanley.

Mr. Gorman became CEO in January 2010 and Chairman in January 2012. He joined the Firm in February 2006 and was named Co-President in December 2007.

Before joining Morgan Stanley, Mr. Gorman held a succession of executive positions at Merrill Lynch. Prior to this, he was a senior partner of McKinsey & Co. and began his career as an attorney in Melbourne, Australia.

Among his civic activities, Mr. Gorman serves as a Director of the Federal Reserve Bank of New York and the Council on Foreign Relations, and is a member of the Board of Overseers of the Columbia Business School, the Monetary Authority of Singapore International Advisory Panel, the Business Council, and the Board of the Institute of International Finance.

He formerly served as President of the Federal Advisory Council to the U.S. Federal Reserve Board, Co-Chairman of the Partnership for New York City, Chairman of the Board of the Securities Industry and Financial Markets Association and Co-Chairman of the Business Committee of the Metropolitan Museum of Art.

Mr. Gorman, who was born in Australia, earned a B.A. and Law degree from the University of Melbourne and an M.B.A. from Columbia University.
https://www.fsforum.com/about/members/

Michael Corbat

Citigroup Chief Executive Officer, Forum Vice Chairman


Michael L. Corbat is Chief Executive Officer of Citigroup, the world’s global bank, with approximately 200 million customer accounts and activities in more than 160 countries and jurisdictions.

Since becoming CEO in 2012, he has focused on leveraging Citi’s unique global network to serve its institutional and consumer banking clients with an emphasis on strong execution and the highest ethical standards. In the process, Mr. Corbat has made Citi a simpler, smaller, safer and stronger institution. Citi has improved the quality and consistency of earnings, and Mr. Corbat is committed to creating shareholder value by serving Citi’s stakeholders and fulfilling Citi’s mission of enabling economic growth and progress.

Mr. Corbat has been at Citi and its predecessor companies since his graduation from Harvard University with a bachelor’s degree in economics in 1983. Prior to his current role, Mr. Corbat was CEO of Europe, Middle East and Africa where he oversaw all of Citi’s business operations in the region, including consumer banking, corporate and investment banking, securities and trading and private banking services. Previously, Mr. Corbat served as the CEO of Citi Holdings, Citi’s portfolio of non-core businesses and assets. In this role, he oversaw the divestiture of more than 40 businesses and divested more than $500 billion assets, reducing risk on the Company’s balance sheet and freeing up capital to invest in Citi’s core banking business.

Mr. Corbat has also served as the CEO of Citi’s Global Wealth Management unit and was Head of the Global Corporate and Global Commercial Bank at Citi, a role in which he led the firm’s efforts to provide best-in-class financial services to top-tier multi-national corporations and financial institutions around the world.

Mr. Corbat has been honored by several civic and cultural organizations. He also serves as President of the Federal Advisory Council to the Federal Reserve Board, Vice Chairman of The Clearing House Association Supervisory Board, and Co-Chair of the Partnership for New York City, and he sits on the Board of Trustees of the United States Ski and Snowboard Association.


Jamie Dimon
JPMorgan Chase & Co. Chairman and Chief Executive Officer

Jamie Dimon is Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., a global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers, small business, commercial banking, financial transaction processing and asset management.

Dimon became CEO on January 1, 2006 and one year later also became Chairman of the Board. He was named President and Chief Operating Officer upon the company’s merger with Bank One Corporation on July 1, 2004. Dimon joined Bank One as Chairman and CEO in 2000.

Dimon began his career at American Express Company. Next, he served as Chief Financial Officer and then President at Commercial Credit, which made numerous acquisitions and divestitures, including acquiring Primerica Corporation in 1987 and The Travelers Corporation in 1993. Dimon served as President and Chief Operating Officer of Travelers from 1990 through 1998 while concurrently serving as Chief Operating Officer of its Smith Barney Inc. subsidiary before becoming co-Chairman and Co-CEO of the combined brokerage following the 1997 merger of Smith Barney and Salomon Brothers. In 1998, Dimon was named President of Citigroup Inc., the global financial services company formed by the combination of Travelers Group and Citicorp.

Dimon earned his bachelors degree from Tufts University and holds an MBA from Harvard Business School. He serves on the boards of directors of a number of non-profit institutions including the Clearing House and Harvard Business School. Additionally, he is the Chairman of the Business Roundtable and serves on the executive committee of the Business Council and the Partnership for New York City, and is a member of the Financial Services Forum, Financial Services Roundtable and Council on Foreign Relations.


Thomas Gibbons
BNY Mellon Interim Chief Executive Officer

Mr. Gibbons currently serves as the interim Chief Executive Officer of BNY Mellon. Since 2017, Mr. Gibbons has been a Vice Chairman of BNY Mellon and CEO of Clearing, Markets and Client Management. In that role he oversaw the Pershing clearing business; the trading, financing, collateral and liquidity management solutions delivered through the Markets business; treasury services and commercial payment activities; the U.S. government securities clearance and U.S. tri-party repo businesses delivered through BNY Mellon Government Securities Services Corp; credit services; global client management; and regional area management. From 2008 through 2017, he served as CFO. Previously, for nearly a decade he was Chief Risk Officer, overseeing credit, operational and market risk management of the company and The Bank of New York.

Mr. Gibbons also served as CFO of The Bank of New York for almost a year prior to the merger. He first joined The Bank of New York in 1986 and held top management positions in the capital markets business, including head of global treasury, with responsibility for asset and liability management, funding, money market trading, swaps and derivative products. Prior to joining The Bank of New York, he was assistant treasurer at Handy and Harman, a leading refiner, processor and fabricator of precious metals.

Mr. Gibbons is a member of BNY Mellon’s Executive Committee, the organization’s most senior management body. He is also a director of BNY Mellon’s European Bank, The Bank of New York Mellon SA/NV, and serves on the advisory board of Wake Forest University’s Business School.

He holds a B.S. in Business Administration from Wake Forest University and an MBA from Pace University.

Brian Moynihan
Bank of America Chairman of the Board and Chief Executive Officer

Brian Moynihan leads a team of more than 200,000 employees dedicated to making financial lives better for people, companies of every size, and institutional investors across the United States and around the world.

Bank of America is recognized as a top employer by Working Mother magazine and Military Times. The company is also listed on Fortune magazine’s list of the Best Workplaces for Diversity and the Best Workplaces for Parents. It was also named one of the Best Places to Work for Disability Inclusion by the U.S. Business Leadership Network and the American Association of People with Disabilities. In 2018, Euromoney recognized Bank of America as the World’s Best Bank and the World’s Best Bank for Diversity and Inclusion, as part of their annual Global Awards for Excellence. Bank of America was also named the 2019 Catalyst Award winner, honored for supporting the continued development, empowerment and advancement of women in the company and around the world.

Moynihan participates in several organizations that focus on economic and market trends, including the World Economic Forum International Business Council, the Financial Services Forum, the Bank Policy Institute (chair), the Business Roundtable, and the American Heart Association CEO Roundtable (co-chair). He is also a member of the Federal Advisory Council of the Federal Reserve Board.

Moynihan leads the company’s Global Diversity and Inclusion Council and is a member of the museum council for the Smithsonian’s National Museum of African American History and Culture. Moynihan is also a member of the Brown University Corporation’s Board of Fellows and the Congressional Medal of Honor Foundation Board.

Ronald O'Hanley
State Street Corporation Chairman and Chief Executive Officer

Ron is chairman and chief executive officer of State Street Corporation. He is also a member of State Street Corporation’s Board of Directors.

Ron was previously president and chief operating officer of State Street Corporation, and before that president and chief executive officer of State Street Global Advisors, the investment management arm of State Street Corporation. He joined State Street in 2015.

Prior to State Street, Ron was president of Asset Management & Corporate Services for Fidelity Investments, responsible for all Fidelity asset management organizations and Fidelity’s corporate functions and enterprise technology. He served at Fidelity from 2010 to 2014.

Prior to joining Fidelity, Ron served as president and chief executive officer of BNY Mellon Asset Management in Boston, a position to which he was named in 2007. During this time, he also served as vice chairman of Bank of New York Mellon Corporation and was a member of its Executive Committee. Additionally, Ron oversaw all of Bank of New York Mellon’s activities in Asia. Prior to the 2007 merger of Bank of New York and Mellon, he was vice chairman of Mellon Financial Corporation and president and chief executive officer of Mellon Asset Management. He served at Mellon and Bank of New York Mellon from 1997 to 2010.

Prior to Mellon, Ron was with McKinsey & Company, Inc., from 1986 to 1997 and was elected a partner in 1992. He founded the Investment Management practice worldwide and was co-founder and co-leader of the firm’s North American Personal Financial Services practice. Additionally, he was a member of the Worldwide Property & Casualty Insurance practice. During his tenure with McKinsey, Ron served in the firm’s Boston, New York, and Stockholm offices.

Ron received his Bachelor of Arts degree in political science from Syracuse University in 1980 and his Master of Business Administration from Harvard Business School in 1986.

Ron serves on the boards of Unum Corp. and Rhode Island Commerce Corporation. He also serves on the boards of Beth Israel Lahey Health, The Boston Foundation, IYRS School of Technology and Trades, Syracuse University and WBUR. Ron’s philanthropic and civic interests include corporate governance, retirement/healthcare policy and funding, education, and climate. He has led several initiatives on gender equality. Ron is a frequent speaker and writer, and an avid offshore sailboat racer.


Charles Scharf
Wells Fargo & Company Chief Executive Officer and President

Charles W. Scharf is chief executive officer and president, and a member of the Board of Directors of Wells Fargo & Company.

A financial services veteran with 24 years of experience in leadership roles in the banking and payments industries, Charlie served as chief executive officer of Bank of New York Mellon from July 2017 to October 2019 and the chairman of its board from January 2018 to October 2018. He also was chief executive officer and a director of Visa Inc. from October 2012 to December 2016.

During his tenure at Bank of New York Mellon, Charlie demonstrated a strong track record in initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape.

As the CEO of Visa, Charlie transformed the firm into a technology-driven digital commerce company by partnering with the world’s leading technology companies to drive new payment experiences and introduce new technologies to improve payment system security.

Previously, he was a managing director of One Equity Partners at JPMorgan Chase & Co. and chief executive officer of Retail Financial Services at JPMorgan Chase. He also was chief executive officer of the retail division of Bank One Corp., chief financial officer of Bank One Corp., chief financial officer of the Global Corporate and Investment Bank division of Citigroup, and chief financial officer of Salomon Smith Barney and its predecessor company.

Charlie earned a Bachelor of Arts degree from Johns Hopkins University and an MBA from New York University.

He is a director of Microsoft Corporation, serves on the board of trustees of Johns Hopkins University, is a member of The Business Council, and is chairman of the New York City Ballet. He lives in New York City.

David Solomon
The Goldman Sachs Group, Inc. Chairman and Chief Executive Officer

David Solomon is Chairman and Chief Executive Officer and a member of the Board of Directors of The Goldman Sachs Group, Inc.

Previously, he was President and Chief Operating Officer and prior to that, he served as Co-Head of the Investment Banking Division from 2006 to 2016. Before that, Mr. Solomon was Global Head of the Financing Group, which includes all capital markets and derivative products for the firm’s corporate clients. He joined Goldman Sachs as a Partner in 1999.

Mr. Solomon is a member of the Board of Trustees of Hamilton College and serves on the board of The Robin Hood Foundation.


https://www.fsforum.com/about/members/


Financial Services Forum Statement Ahead of White House Meeting


11 Mar 2020


Washington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement related to the Coronavirus Disease 2019 (COVID-19) ahead of the meeting later today at the White House:

“Members of the Financial Services Forum importantly are focused on the health and well-being of their employees in the United States and around the globe. The nation’s largest banks remain strongly capitalized, resilient, and fully capable of fulfilling their important role in the economy, even under times of stress. The Forum and its members are well-positioned to meet the needs of consumers and businesses during this time.”
https://www.fsforum.com/types/press/financial-services-forum-statement-ahead-of-white-house-meeting/


BankThink Op-ed: Stop shaming the big banks


10 Mar 2020


This op-ed was featured in American Banker’s BankThink.

By Kevin Fromer


After a decade of significant progress, there’s a litany of evidence showing that the nation’s banks — both big and small — are strong, resilient and resolvable.

In particular, the largest banks maintain extremely robust capital and liquidity positions, undergo vigorous oversight and employ extensive risk-management processes. Advances in the past 10 years have led to a welcome and demonstrated decline in expectations that a large bank would require government assistance in times of major economic turmoil.

Current and former regulators have pointed to the tremendous progress made to address “too big to fail.”

A recent study from economists at Stanford and Australian National universities points to “a major decline of ‘too big to fail’” based on investor behavior. Annual stress tests have provided clear and public evidence of bank resilience.

And yet, there are some who choose to ignore the mountain of evidence and continue to push their false narrative. They also ignore the essential role that large, diversified banks play every day in supporting businesses and households in the $20 trillion American economy.

Large institutions offer benefits to their customers and the economy that smaller institutions simply cannot. The scale of larger institutions serves companies in the U.S. and globally, at reduced costs, ultimately benefitting consumers, small businesses and individual savers.

Additionally, large banks are a critical source of support to smaller institutions. They are a primary provider of security market-making and underwriting services that make it possible for smaller banks to efficiently buy and sell these securities. This allows smaller banks to in turn lend to customers and meet their investment needs, helping to promote the success of these smaller institutions.


The U.S. banking industry is incredibly diverse with over 5,000 banks contributing to the U.S. economy. Banks of all sizes are part of a cohesive economic system, contributing to the prosperity of Americans and a growing economy.

The banking industry and governments around the globe have made enormous strides during the past decade to ensure that banks are safe and sound and that no institution is too big to fail.

It’s important that we neither ignore the progress that has been made nor the essential role large financial institutions play in the economy.

Kevin Fromer is the President and CEO of the Financial Services Forum.
https://www.fsforum.com/types/press/bankthink-op-ed-stop-shaming-the-big-banks/

 




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Blue Ridge Capital is an American hedge fund founded in 1996 by "Tiger Cub" John Griffin, a protege of Julian Robertson, which invests globally. Wikipedia





Founder: John Griffin



Founded: 1996



Total assets: 12.4 billion USD



Headquarters: New York City, New York, U.S.



Subsidiaries: Blue Ridge Capital Offshore Holdings LLC, Blue Ridge China Partners



Type of business: Privately held company





Company Profile

Blue Ridge Capital (BRC) is an Atlanta-based real estate investment company targeting value-added properties in the Southeast. The company specializes in retail centers, but also considers other turn-around or opportunistic real estate investments, offering the potential for value enhancement. Since our inception in 1999, BRC has acquired as a principal over 70 real estate assets.

Blue Ridge Capital employs a small group of talented and dedicated people who handle all aspects of operating a property - leasing, management, and construction - providing our tenants the personal attention they deserve. Our hands-on approach assures incoming tenants that projects are completed on time and at the lowest possible cost, which we pass on in the form of a competitive rental structure.

Blue Ridge Capital operates under the belief that there is no better market in the country to pursue our ambitions than the Southeast - our own "backyard".
Retail Leasing and Re-development

In the competitive retail market, we have the flexibility to keep our rents low, our tenants happy, and our properties full. Acquiring only well-located real estate, Blue Ridge Capital's goal is to re-invent each property by bringing in new tenants to the community. We implement necessary capital improvements which may include upgraded façades and signage, along with curing deferred maintenance in the areas of roof, parking lot and HVAC systems. BRC places the highest priority on ensuring that each project offers an attractive, inviting, and clean appearance for our tenants' customers.

We have significant experience with properties that have been under-performing due to lack of leasing and management expertise. In these situations, we closely review the property's condition and market position and then design a plan that may include a combination of redefining, repositioning, and reintroduction of the asset. By focusing our efforts in the Southeast, Blue Ridge maintains a deep knowledge of each region allowing us to execute turnarounds quickly and cost effectively.

We are a positive force – a caring and committed partner – in each community where we do business. We work hard to create a successful tenant mix, including food, service, and merchant shops, to enable each of our properties to meet the needs of the immediate market. We recognize the need for balance and diversity, and are pleased to have a combination of national chain tenants, local chains, and “mom and pops” comprising our portfolio.

Through proactive and carefully planned re-development, Blue Ridge Capital is able to provide a viable shopping destination for the community and a valuable addition to our investment portfolio.
Partnering Isn't Just a Word

Whether you are a tenant, lender, or equity investor, Blue Ridge Capital is committed to ensuring a successful and profitable relationship. These partnerships are the lifeblood of our business - we look forward to building a mutually beneficial relationship with you.
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Financial Services Forum Statement Ahead of White House Meeting


11 Mar 2020


Washington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement related to the Coronavirus Disease 2019 (COVID-19) ahead of the meeting later today at the White House:

“Members of the Financial Services Forum importantly are focused on the health and well-being of their employees in the United States and around the globe. The nation’s largest banks remain strongly capitalized, resilient, and fully capable of fulfilling their important role in the economy, even under times of stress. The Forum and its members are well-positioned to meet the needs of consumers and businesses during this time.”
https://www.fsforum.com/types/press/financial-services-forum-statement-ahead-of-white-house-meeting/


BankThink Op-ed: Stop shaming the big banks


10 Mar 2020


This op-ed was featured in American Banker’s BankThink.

By Kevin Fromer


After a decade of significant progress, there’s a litany of evidence showing that the nation’s banks — both big and small — are strong, resilient and resolvable.

In particular, the largest banks maintain extremely robust capital and liquidity positions, undergo vigorous oversight and employ extensive risk-management processes. Advances in the past 10 years have led to a welcome and demonstrated decline in expectations that a large bank would require government assistance in times of major economic turmoil.

Current and former regulators have pointed to the tremendous progress made to address “too big to fail.”

A recent study from economists at Stanford and Australian National universities points to “a major decline of ‘too big to fail’” based on investor behavior. Annual stress tests have provided clear and public evidence of bank resilience.

And yet, there are some who choose to ignore the mountain of evidence and continue to push their false narrative. They also ignore the essential role that large, diversified banks play every day in supporting businesses and households in the $20 trillion American economy.

Large institutions offer benefits to their customers and the economy that smaller institutions simply cannot. The scale of larger institutions serves companies in the U.S. and globally, at reduced costs, ultimately benefitting consumers, small businesses and individual savers.

Additionally, large banks are a critical source of support to smaller institutions. They are a primary provider of security market-making and underwriting services that make it possible for smaller banks to efficiently buy and sell these securities. This allows smaller banks to in turn lend to customers and meet their investment needs, helping to promote the success of these smaller institutions.


The U.S. banking industry is incredibly diverse with over 5,000 banks contributing to the U.S. economy. Banks of all sizes are part of a cohesive economic system, contributing to the prosperity of Americans and a growing economy.

The banking industry and governments around the globe have made enormous strides during the past decade to ensure that banks are safe and sound and that no institution is too big to fail.

It’s important that we neither ignore the progress that has been made nor the essential role large financial institutions play in the economy.

Kevin Fromer is the President and CEO of the Financial Services Forum.
https://www.fsforum.com/types/press/bankthink-op-ed-stop-shaming-the-big-banks/
 


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About Us
The Financial Services Forum is an 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. Forum member 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 promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.
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