GSIB CEOs Testify On Bank Operations Post-Financial Crisis

The House Financial Services Committee (the "Committee") reviewed the post-financial crisis operations of seven of the eight global systemically important banks ("GSIBs"): Citigroup, JPMorgan Chase & Co., Morgan Stanley, Bank of America, State Street Corporation, the Bank of New York Mellon and Goldman Sachs. CEOs from each of these GSIBs testified.

According to a memorandum by the Committee's Majority Staff, GSIBs have over $11 trillion in combined assets, which comprise roughly 50 percent of domestic banking assets. They hold roughly $4.1 trillion in loans and supply over $700 billion in customer loans. Majority Staff noted that the GSIBs paid approximately $164 billion in fines since the financial crisis.