Financial Services Forum
| Company type | Nonprofit organization |
|---|---|
| Industry | Financial services advocacy |
| Founded | 2000 |
Area served | United States |
Key people | Kevin Fromer (President and CEO), James Gorman (Chairman of the Board), Michael Corbat (Vice Chairman) |
| Products | Economic policy advocacy, data-driven analysis |
The Financial Services Forum is a nonpartisan organization focused on economic policy advocacy, consisting of the chief executives from the eight largest and most diversified financial institutions based in the United States.
2000 - Formation
The Forum was established in 2000 by top financial industry leaders following the enactment of the Gramm-Leach-Bliley Financial Modernization Act of 1999 (GLBA). By 2017, its membership had come to include exclusively the CEOs of the eight U.S. banks identified as Global Systemically Important Financial Institutions (G-SIFIs).
In 2017, Kevin Fromer, who previously served as Assistant Secretary at the United States Department of the Treasury, was appointed president and CEO. He focused on underscoring the significant contributions these major banks make to both the financial sector and the wider economy.
2017 - Leadership Transition
Kevin Fromer was named president and Chief Executive Officer of the Forum on September 20, 2017.
In January 2019, James Gorman, Chairman and CEO of Morgan Stanley, took over as Chairman of the Forum’s Board, succeeding Brian Moynihan, CEO of Bank of America. Meanwhile, Citigroup CEO Michael Corbat assumed the position of Vice Chairman.
2020 - Response to COVID-19
Amid the COVID-19 pandemic, members of the Forum took actions to support their clients, local communities, and the overall economy. In March 2020, they halted share buybacks and utilized the Federal Reserve's discount window. Additionally, the Forum advocated for enhanced funding for the Paycheck Protection Program to assist small enterprises.
Mission
The Financial Services Forum represents eight of the largest and most diverse financial institutions headquartered in the United States: Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley, State Street Corporation, and Wells Fargo.
Its mission includes promoting policies that encourage savings and investment, maintaining deep and liquid capital markets, fostering a competitive international marketplace, and supporting a stable financial system. The Forum also offers data-driven analysis regarding its members’ economic impact and community engagement.