Goldman Sachs and State Street CEOs Elected
CONTACT: Barbara Hagenbaugh
Washington, D.C. – The Financial Services Forum today announced that Goldman Sachs Chairman and CEO David Solomon has been elected to serve as the chairman of its board. State Street Chairman and CEO Ron O’Hanley has been elected to serve as vice chairman.
Solomon replaces Morgan Stanley CEO James Gorman, who served as chairman of the Forum for two years. O’Hanley replaces Citigroup CEO Michael Corbat.
“I thank James and Mike for their hard work during a challenging period for our nation,” Solomon said. “I look forward to leading the Forum as we support a durable and inclusive recovery and tackle important issues facing our society while remaining focused on the continued safety and soundness of the financial system.”
“I am honored to join David in leading the Forum as we continue to work closely with policymakers to strengthen and safeguard our financial system,” O’Hanley said. “As we continue to navigate through the public health and economic challenges of the current environment, the Forum and its largest bank members bring important leadership to drive sustainable and inclusive economic growth.”
Said Financial Services Forum President and CEO Kevin Fromer: “The past two years have been important in establishing the Forum as an effective voice for the nation’s largest banks in Washington. Moving forward, the United States has a number of crucial issues before us – most importantly, growing the economy — and our members are focused and eager to be part of the conversation and solutions.”
Solomon has served as CEO of Goldman Sachs since October 2018. Previously, he was president and chief operating officer and prior to that, he served as co-head of the Investment Banking Division. He joined Goldman Sachs as a partner in 1999. He is a member of the Board of Trustees of Hamilton College and serves on the board of The Robin Hood Foundation.
O’Hanley became CEO of State Street in January 2018. He was previously president and chief operating officer of State Street Corporation, and before that president and chief executive officer of State Street Global Advisors, the investment management arm of State Street Corporation. He previously worked for Fidelity Investments, BNY Mellon Asset Management and McKinsey & Company, Inc. O’Hanley serves on the boards of The Boston Foundation, IYRS School of Technology and Trades and Syracuse University, among others.
The Financial Services Forum’s Board of Directors is comprised of the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States.
The Forum member institutions have significantly supported the economy in the past year. The eight Forum members have increased lending, including providing businesses of all sizes with $272 billion in loans in just the first quarter of 2020. Forum members also dispersed more than $70 billion in loans to more than 850,000 businesses through the Paycheck Protection Program, an important lifeline to the nation’s entrepreneurs. Further, Forum members have helped raise $2.2 trillion in corporate bonds and $339 billion in equity for U.S. companies, allowing them to continue to pay their workers, operate their businesses and meet their funding needs.
The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.
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