Financial Services Forum CEO Touts Health of America’s Large Financial Institutions, Commitment to Service & Customers

9 Jan 2019

Strong Capital & Liquidity Positions Ensure Forum Members are “…well prepared to serve their customers.”

FOR IMMEDIATE RELEASE

CONTACT: Julia Lawless, (202) 457-8766

NEW YORK, NY – Financial Services Forum President & CEO Kevin Fromer joined the hosts of Yahoo Finance’s On the Move today to discuss the strength and resilience of large, diversified financial institutions. Fromer, a former U.S. Treasury Department official, said Forum member institutions have “confidence in the economy” and are prepared to “serve customers and their particular demands.”

 

 (Click Photo Above to Watch Interview)

Following are highlights from the interview:

On the State of the American Economy:

“When I talk to my member CEOs, I think their focus is still on their clients and their customers. I think they feel positive about the economy. We have a fundamentally very good economy right now.”

On the Strength & Resilience:

“If you look at the, the liquid assets that our institutions hold, the fact that they’ve doubled over the last 10 years, the capital improvements, the capital framework improvements, the sheer amount of capital that our institutions hold as compared to pre-crisis conditions. I think they’re well prepared to serve their customers. And I believe they’re doing so every day.”

On Stress Testing:

“We’ve had a pretty refined set of stress testing. The process is still improving of course in terms of how the stress tests are conducted. But the one thing that they clearly demonstrate is that the institutions are prepared to serve the economy in good times, which we’ve thankfully enjoyed. And in times that, may not be so good in the future. [If we] go into some type of condition that’s not as vibrant as what we’ve experienced so far, they’re prepared to address their customers’ needs in that set of circumstances as well.”

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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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Learn More:

The Value and Strength of America’s Largest Financial Institutions

Our institutions support economic growth and a number of steps have led to a more resilient financial sector. Learn more in our briefing slide deck.