The CEOs of big U.S. banks will tout how their companies have transformed since the financial crisis at Wednesday’s House Financial Services Committee hearing — and released testimonies show they’ll say the system has become less risky thanks to regulations. The backdrop: It’s the first time the heads of America’s biggest financial institutions will testify together since the aftermath of the 2007–2008 crisis. It’s “part of an opening salvo in House Democrats’ plans to examine the industry’s activities,” as the Wall Street Journal points out, and comes amid heightened scrutiny of capitalism’s effectiveness. Read more toggle Show less Go deeper282 Words The highlights: “Since the crisis, Citi has become a smaller, safer, stronger and far less complex company. We have transformed our institution, not just in terms of capital, … but also in terms of our controls, which include risk management, audit, and compliance,” Michael Corbat, Citigroup’s CEO, writes in prepared remarks. “We have significantly transformed Morgan Stanley over the last 10 years. We are now a safer and sounder financial institution focused on helping our clients finance economic growth, job creation, retirement security, college savings, and more,” Morgan Stanley’s CEO James Gorman will tell Congress. “Since 2009, we have… Read full this story
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