Bank CEOs Return to Congress Amid Deep Partisan Divisions | National policy
“You’ve heard from everyone on this panel that we’re trying to do more,” said Jamie Dimon, CEO of JPMorgan Chase, in response to questions about banks’ performance in lending to minorities and the poor. .
INEQUALITY REMAINS A MAIN PROBLEM.
Brown slammed CEOs for banks cutting lending to small businesses hit by the pandemic while buying back their own shares. Bank of America, he said, cut small business loans by 14% while buying back some $ 25 billion in shares. Moynihan parried the attack by saying, “The good news is we can do both.”
Challenged by Brown over the wide gap between the pay of the bank’s CEOs and the average salary of employees, Dimon replied, “We are very proud of the opportunities we provide to all of our employees.”
Senator Elizabeth Warren, a longtime critic of big banks, has pressed banks on why they collected overdraft fees during the pandemic.
In a tense exchange, she called Dimon “the king of overdraft fees,” saying JPMorgan charges more than seven times the fees per account than its competitors.
“I think your numbers are totally inaccurate,” Dimon told him.
“The past year has shown that corporate profits are more important to your bank” than helping people in difficulty, Warren said.