May 26, 2021

New York Times: Senators criticize Wall Street chiefs about their pandemic response.

The top executives of six of the biggest banks in the United States drew criticism from several senators during a hearing on Capitol Hill on Wednesday for not doing more to help small businesses and retail customers during the pandemic.

A number of lawmakers said the nation’s top banks should have provided more relief to businesses and consumers in light of the big profits the banking industry posted last year.

The most contentious moment occurred when Senator Elizabeth Warren, Democrat of Massachusetts, criticized banks for charging overdraft fees to customers during the pandemic. In particular, Ms. Warren engaged in a terse exchange with Jamie Dimon, chief executive of JPMorgan Chase, over the around $1.5 billion in overdraft fees she said the bank had taken in. Mr. Dimon responded with a simple “no” when asked by Ms. Warren whether the bank would refund that money to its customers.


Read full article here.

By:  Matthew Goldstein and Kate Kelly
Source: New York Times