The Financial Services Forum is an American, non-partisan

economic policy The economy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the e ...

and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

Recent News

On September 20, 2017, th
Forum announced
the appointment of Kevin Fromer as its new president and

Chief Executive Officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

. In January 2019, the Financial Services Forum announced that

Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...

Chairman and CEO James Gorman would serve as the Chairman of its Board, a position previously held by

Brian Moynihan Brian Thomas Moynihan (born October 9, 1959) is an American investment banker, businessman and the chairman and CEO of Bank of America. He joined the board of directors, following his promotion to president and CEO in 2010. Early life and educat ...

, CEO of

Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...

CEO

Michael Corbat Michael Louis "Mike" Corbat (born May 2, 1960) is an American banker who served as the chief executive officer of Citigroup from 2012 to 2021. His 2012 welcome from ''The New York Times'' described him as a "Jack-of-All-Trades". Early life and ...

assumed the Board's Vice Chairman role in 2019.

Mission and Leadership

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

BNY Mellon The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Finan ...

Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

, JPMorgan Chase & Co.,

State Street Corporation State Street Corporation is an American financial services and bank holding company headquartered at One Lincoln Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Un ...

and

Wells Fargo Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...

. These internationally active institutions are a leading source of lending and investment in the

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 market A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers t ...

s, 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

. 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 Liquidity is a concept in economics involving the convertibility of assets and obligations. It can include: * Market liquidity, the ease with which an asset can be sold * Accounting liquidity, the ability to meet cash obligations when due * Liqui ...

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 Share repurchase, also known as share buyback or stock buyback, is the re-acquisition by a company of its own shares. It represents an alternate and more flexible way (relative to dividends) of returning money to shareholders. When used in coor ...

and were accessing the Federal Reserve's

discount window The discount window is an instrument of monetary policy (usually controlled by central banks) that allows eligible institutions to borrow money from the central bank, usually on a short-term basis, to meet temporary shortages of liquidity caused by ...

. 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 The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Donald Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES A ...

to support small businesses.

Origin of the Forum

The Financial Services Forum was established in 2000 by a core group of financial institution

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

s (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 a
Global Systemically Important Financial Institutions

Kevin Fromer
former Assistant Secretary at the

U.S. Treasury Department The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and ...

, was appointed to serve as the Forum's president and CEO in 2017. In an interview with Politico in 2018, 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.”

References

External links

Official homepage of the Financial Services Forum
{{Authority control Financial services companies established in 2000 Financial services companies of the United States