WASHINGTON, D.C. — For the first time ever, the chief executives of America’s six largest banks appeared together Wednesday before the Senate Banking Committee, which is chaired by Ohio Sen. Sherrod Brown.

What You Need To Know

  • CEOs of the six largest banks in the U.S. faced senators on Wednesday

  • Ohio Sen. Sherrod Brown chairs the committee that hosted the hearing

  • Brown, a longtime critic of Wall Street, said the banks have a lot of work to do

  • Senators from both parties criticized the executives

“Under the current system, Wall Street profits no matter what happens to workers because those profits now come at the expense of workers,” Brown, a Democrat and longtime critic of Wall Street, said during his opening statement.

The CEOs of J.P. Morgan Chase, Bank of America, Citi, Wells Fargo, Goldman Sachs and Morgan Stanley started off by commending themselves for their response to the coronavirus pandemic.

“Though the process was not perfect, we, the government and others rallied to do what needed to be done,” Charles Scharf, the leader of Wells Fargo, testified.

But the senators had tougher questions for the powerful bankers.

Brown and other Democrats criticized them for drawing multi-million-dollar salaries while so many Americans suffered throughout the past year.

“So help me understand this. How did we end up here where CEOs are making 900 times what some of their workers are making?” Brown asked J.P. Morgan CEO Jamie Dimon.

“My compensation is set by the board,” Dimon replied. “They look a multiple factors, and that’s how it takes place.”

Republicans had a different focus: The growing trend of companies taking sides in divisive political and cultural debates.

“I am concerned about increasing pressure on banks to embrace ‘woke-ism’ and appease the far left’s attacks on capitalism,” Sen. Pat Toomey (R-Pennsylvania) said.

The hearing didn’t move the needle much in terms of policy changes, but all of the CEOs discussed ways their companies are trying to fight climate change and improve diversity.

“We’re doing a good job,” Dimon said. “We can always do more. We can acknowledge there are some problems that need to be fixed, and I think we’re all trying to do it the right way.”

Critics like Brown came away from it skeptical, saying the banks have a lot of work to do.

“Wall Street gets second chance after second chance after second chance,” Brown said. “Most workers don’t even get one.”

While this was the first such hearing, it won’t be the last. 

Brown wants the CEOs to come back next year, and the group will testify before the House Financial Services Committee on Thursday.