By Michelle Price and Pete Schroeder WASHINGTON (Reuters) -Wall Street bank chiefs will tout the role their institutions have played in getting the pandemic-hit U.S. economy back on track when they appear before Congress this week, but are likely to face tough questions on hot-button social and economic issues. The Senate Banking and House Financial Services committees will hear from the chief executives of JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs Group and Morgan Stanley on Wednesday and Thursday, respectively. In prepared testimony posted on Tuesday, the CEOs highlighted their banks resilience during the pandemic and their efforts to support struggling clients. They also flagged their work on other priorities, including efforts to address climate change and structural racism.
Wall Street bank CEOs to tout COVID relief push, diversity efforts before Congress marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
Challenging times: The Citigroup Inc building in Sydney. Citigroup plans to exit retail banking in 13 markets across Asia, Europe, Middle East and Africa region. Bloomberg
SINGAPORE: Citigroup Inc’s plan to exit its retail business in China and India underscores the frustrating battle for market share international banks face in two of Asia’s largest economies despite plowing in billions of dollars over the past decade.
Increased rivalry from domestic lenders, especially in consumer financing, and fierce competition for top talent contributed to the challenges that overseas banks have often struggled to overcome. High capital and regulatory requirements also proved onerous.
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