Financial Services Forum 2025: Key Insights, Mission, and Achievements of Top US Banks' CEOs

Michael Bromberg is a seasoned finance editor with over ten years of experience, specializing in simplifying complex financial topics into clear, accessible language. He holds a Bachelor of Arts in Literature from the University of Wisconsin-Madison and a master’s degree in Linguistics from Universidad de Antioquia in Medellin, Colombia.

What Is the Financial Services Forum?

The Financial Services Forum is a prominent economic policy organization comprising the chief executive officers of the eight largest and most diversified U.S. banks. This bipartisan group champions policies that foster a stable, efficient, and inclusive financial system. Their focus areas include savings and investments, market liquidity, global competitiveness, and financial inclusion.

Key Highlights

• Represents CEOs of the eight largest U.S. banking institutions.
• Advocates for critical banking industry issues such as regulation, sustainability, and inclusion.
• Seeks to leverage banking influence to expand economic opportunities for American households and businesses.

The forum's members include top executives from Bank of America (BAC), BNY Mellon (BK), Citigroup (C), Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan Stanley (MS), State Street (STT), and Wells Fargo (WFC). These banks are instrumental in the U.S. economy, accounting for nearly half of all consumer loans and underwriting approximately 75% of debt and equity transactions.

These institutions are so vital that they are classified as "too big to fail" under the Federal Reserve’s Large Institution Supervision Coordinating Committee Program. The Financial Services Forum uses the influential voices of these CEOs to promote economic growth benefiting families and businesses nationwide.

Mission of the Financial Services Forum

The forum advocates for policies that strengthen the U.S. economy’s resilience, inclusivity, and sustainability. Its core focus areas include:

Capital and Financial Stability

Member banks comply with regulatory standards for capital reserves and liquidity and undergo rigorous stress testing to ensure resilience against financial shocks. The forum supports balanced regulations that maintain stability while encouraging economic progress and opposes disproportionately strict rules compared to international competitors.

Climate Finance

The forum promotes collaboration between financial institutions and governments to address climate change risks. It emphasizes that climate-related financial regulations must be grounded in sound science and accurate risk analysis.

Diversity, Equity, and Inclusion

Recognizing diversity as key to a sustainable economy, the forum supports transparency in corporate governance, including disclosures of gender, race, ethnicity, and veteran status among board members and executives.

Economic Support

The Financial Services Forum backs policies that deliver economic benefits to U.S. businesses and households, such as extending the Paycheck Protection Program during the COVID-19 pandemic and promoting market liquidity while safeguarding consumers.

Major Accomplishments of the Financial Services Forum

The forum’s member banks, employing over 720,000 people nationwide, are pivotal in investing in communities, generating jobs, and supporting businesses.

Fast Fact

Collectively, members hold $4.55 trillion in loans, representing 38% of total U.S. bank lending to businesses and households, including nearly half of consumer loans.

They also underwrite nearly 75% of debt and equity transactions, facilitating vital capital raising for companies.

The forum ensures financial markets support government and private sector financing for spending and investment, impacting the economy positively.

COVID-19 Response

During the pandemic, forum members supported communities and small businesses by providing nearly 1.25 million loans through the Paycheck Protection Program. They also waived fees and allowed payment deferrals without credit score penalties, including up to 18 months of mortgage forbearance for homeowners.

Support for Underserved Communities

The forum actively works to reduce the racial wealth gap through charitable initiatives, volunteering, partnerships, and programs aimed at neighborhood revitalization and expanding economic opportunities. In 2021 alone, members helped create or preserve 150,000 affordable housing units.

Promoting Diversity, Equity, and Inclusion

Member banks have made significant commitments to enhance diversity and inclusion through leadership roles, employee resource groups, and workforce diversification initiatives.

Addressing Climate Change

The forum prioritizes assessing and mitigating climate-related economic risks. Member banks are committed to carbon neutrality in operations and supporting the economy’s transition to renewable energy, with over $1.5 trillion pledged toward sustainable financing.

Financial Services Forum Summit

The inaugural Financial Services Forum Summit was held on July 18, 2022, in Washington, D.C., gathering financial leaders, policymakers, and experts. Discussions covered pandemic lessons, regulatory changes, Federal Reserve policies, climate risk strategies, and innovations in digital assets.

Scope of Financial Services Activities

The financial services sector encompasses a broad array of money-related activities, including banking, mortgages, credit cards, accounting, and investing. Beyond banks, brokerage firms, insurance companies, and payment processors also provide essential financial services to individuals and businesses.

Leadership of the Financial Services Forum

Kevin Fromer serves as the President and CEO of the Financial Services Forum. With extensive experience in both the private sector and government, including a tenure as Assistant Secretary of the Treasury for Legislative Affairs, Fromer brings strong leadership to the organization.

Looking Ahead: 2023 Financial Services Forum Summit

While the first summit took place in 2022, as of mid-2023, there is no official information regarding a 2023 edition of the Financial Services Forum Summit.

Conclusion

The Financial Services Forum unites the CEOs of America’s largest banks to advocate for economic policies that support a robust, inclusive, and sustainable financial system, ultimately benefiting the broader U.S. economy.

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