Get the Facts on the Big Banks


Contents:

  1. Citigroup

  2. JPMorgan Chase

  3. Morgan Stanley

  4. Bank of America

  5. State Street

  6. Bank of New York (BNY) Mellon

  7. Goldman Sachs

  8. Summary


Megabank Profile: Citigroup

Citigroup Took $45 Billion In Taxpayer-Funded Bailout Money…

Citigroup Took $45 Billion In In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

…While Its CEOs Raked In $129 Million In The Years Since The 2008 Financial Crisis.

Citigroup Has Paid Its CEOs $129.4 Million Since 2008.

Citigroup CEO Michael Corbat Made Over $24 Million Last Year, After Securing A 48 Percent Raise The Year Prior.

In 2018, Citigroup CEO Michael Corbat Made Over $24 Million…

In The Wake Of The Financial Crisis, Citigroup Agreed To Pay A $7 Billion Settlement For Misleading Investors About The Bad Mortgages That Led To The Crisis; Attorney General Eric Holder Said The Bank “Shattered Lives And Livelihoods Throughout The Country.”

In 2014, Citigroup Agreed To A $7 Billion Settlement Over Its “Shoddy Mortgage-Backed Securities,” Which Included The Justice Department’s “Largest Civil Fraud Penalty Ever,” 

  • In July 2014, Citigroup Agreed To Pay A $7 Billion Settlement “To Resolve Claims It Misled Investors About Shoddy Mortgage-Backed Securities In The Run-Up To The Financial Crisis,” Which Included “The Largest Civil Fraud Penalty Ever Levied By The U.S. Justice Department.” [Aruna Viswanatha, “Citigroup to pay $7 billion to settle U.S. mortgage probe,” Reuters, 07/14/14]

Attorney General Eric Holder Said Citigroup “Contributed Mightily To The Financial Crisis That Devastated Our Economy In 2008.” 

  • Then-Attorney General Eric Holder Said Citigroup “‘Contributed Mightily To The Financial Crisis That Devastated Our Economy In 2008,’” And That Its “‘Activities Shattered Lives And Livelihoods Throughout The Country.’” [Chris Isidore, “Citi inks $7 billion mortgage settlement,” CNN, 07/24/14]

Just Last Year, Citigroup Had To Pay Millions To Settle Allegations Including Miscalculating Interest Rates For 1.75 Million Accounts and Violating The Fair Housing Act.

In 2018, Citigroup Was Fined And Forced To Refund Millions Of Dollars After It Allegedly Miscalculated Interest Rates For 1.75 Million Accounts, Violated The Fair Housing Act, And Manipulated “The Most Important Interest Rate In The World.”

  • In March 2019, The OCC Ordered Citibank To Pay A $25 Million Fine For Violating The Fair Housing Act After The Bank “Did Not Equally Offer Certain Mortgage Discounts To All Citi Customers, Thereby ‘Adversely’ Affecting Some Customers Based On Their ‘Race, Color, National Origin, Or Sex.’” [Ben Lane, “Citibank to pay $25 million for violating the Fair Housing Act,” HousingWire, 03/19/19]
  • In June 2018, Citibank Was Fined $100 Million As Part Of A Settlement With 42 U.S. States For Manipulating LIBOR, “A Key Measure Of Global Interest Rates That Impacts Trillions Of Dollars Worth Of Loans Worldwide, Including Consumer Products,” Which “Has Been Described As The Most Important Interest Rate In The World.” [David Z. Morris, “Citibank Fined $100 Million for Manipulating Key Global Interest Rate,” Fortune, 06/16/18]


Megabank Profile: JPMorgan Chase

JPMorgan Chase And Its Subsidiaries Took $28.11 Billion In Taxpayer-Funded Bailout Money…

JPMorgan Chase And Its Subsidiaries Took $28.11 Billion In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

…While The Bank’s CEOs Raked In $243 Million In The Years Since The 2008 Financial Crisis.

JPMorgan Chase Has Paid Its CEOs $243 Million Since 2008.

CEO Jamie Dimon Made Over $30 Million Last Year But Complained That JPMorgan Was “Under Assault” By Regulators – Even Though The Bank Has Grown By A Trillion Dollars Since The Crisis.

In 2018, JPMorgan Chase CEO Jamie Dimon Made Over $30 Million.

JP Morgan Chase Grew By $1 Trillion In The Decade Since The Financial Crisis…

  • JP Morgan Chase Has Grown By A Full $1 Trillion Since The Financial Crisis. “JPMorgan Chase has $2.5 trillion in assets, compared with $1.5 trillion in 2007.” [Renae Merle, “A guide to the financial crisis — 10 years later,” The Washington Post, 09/10/18]

…But CEO Dimon Complained In 2015 That The Bank Was “Under Assault” By Regulators “Just Because We’re Big.”

  • JP Morgan CEO Jamie Dimon Complained That The Bank Was “‘Under Assault’” By Regulators “‘Just Because We’re Big,’” During A 2015 Conference Call In Which He Reported That The Bank Earned $22 Billion The Previous Year. [Stephen Gandel, “Jamie Dimon calls regulation un-American, once again,” Fortune, 01/14/15]

In The Wake Of The Financial Crisis, JPMorgan Chase Paid A Record $13 Billion Settlement For Selling Bad Mortgages At The Heart Of The Financial Crisis…

In 2013, The Justice Department Reached A Record $13 Billion Settlement With JPMorgan Chase For Knowingly Selling Unsound Mortgages To Investors—A Practice “At The Heart” Of A Housing Bubble That Led To The Financial Crisis.

…But Just Last Week, JPMorgan Chase Announced That It Made A $3.7 Billion Profit From Donald Trump’s Corporate Tax Cuts.

Last Week, JPMorgan Chase Announced That It Profited $3.7 Billion From Donald Trump’s Corporate Tax Cuts.


Megabank Profile: Morgan Stanley

Morgan Stanley Took $10 Billion In Taxpayer-Funded Federal Bailout Money…

Morgan Stanley Took $10 Billion In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

…While Its CEOs Raked In $180 Million In The Years Since The 2008 Financial Crisis.

Morgan Stanley Has Paid Its CEOs Over $180 Million Since 2008.

Morgan Stanley CEO James Gorman Made $29 Million Last Year.

In 2018, Morgan Stanley CEO James Gorman Made $29 Million—A 7.4 Percent Raise From The Previous Year.

In The Wake Of The Financial Crisis, Morgan Stanley Settled For $3.2 Billion For Creating Flawed Mortgage-Backed Securities That Led To The Financial Crisis.

In 2016, Morgan Stanley Agreed To Pay $3.2 Billion To Settle Charges Over “Flawed Mortgage-Backed Bonds” It Packaged Before The Financial Crisis.

In Recent Years, Morgan Stanley Has Faced Charges Of Continued Misconduct.

Just In The Past Two Years, Morgan Stanley Has Faced Charges Of Overbilling Clients, Flouting Anti-Money Laundering Rules, And Running A High-Pressure Sales Contest That Encouraged Customers To Borrow Money Against Their Accounts.


Megabank Profile: Bank of America

Bank of America Took $45 Billion In Taxpayer-Funded Federal Bailout Money…

Bank of America Took $45 Billion In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

…While The Bank’s CEOs Raked In $135 Million In The Years Since The 2008 Financial Crisis.

Bank of America Has Paid Its CEOs $135 Million Since 2008.

Bank Of America CEO Brian Moynihan Made $22.8 Million Last Year And Has Been Criticized For Commuting 1,400 Miles From Home In His Corporate Jet.

In 2018, Bank Of America Chairman And CEO Brian Moynihan Made Nearly $23 Million.

  • In 2018, Bank Of America Chairman And CEO Brian T. Moynihan Received $22,754,510 In Total Compensation. [“2019 Proxy Statement,” Bank of America, 03/13/19]

Moynihan Has Been Criticized For Commuting On His Corporate Jet 1,400 Miles Round-Trip Between His Home And Bank Of America Headquarters.

In The Wake Of The Financial Crisis, Bank Of America Paid A “Record $17 Billion” Settlement—Larger Than Any Other Bank—For Misrepresenting The Quality Of Its Mortgage-Backed Securities And “Kicking Off The Recession.”

Bank Of America Paid $17 Billion—“The Largest Settlement Arising From The Economic Meltdown”— For “Making Serious Misrepresentations” About Its Mortgage-Backed Securities.

Just Last Year, Bank Of America Had To Pay Millions In Fines And Settlements For Allegations Including Misleading Consumers And Fraudulent Practices.

Last Year, Bank Of America Had To Pay At Least $114 Million In Fines And Settlements For “Misleading” Customers, “Fraudulent Practices,” And “Attempted Manipulation” Of A Financial Benchmark.

  • In September 2018, Bank Of America Was Ordered To Pay A $30 Million Penalty To The CFTC For “Attempted Manipulation Of The Swaps And Derivatives Benchmark.” [Doina Chiacu, “Bank of America to pay $30 million ‘manipulation’ penalty: CFTC,” Reuters, 09/19/18]
  • In June 2018, Bank Of America Agreed To Pay A $42 Million Fine To The SEC After Its Merrill Lynch Division “Admitted To Misleading Brokerage Customers.” [Lisa Lambert and Jonathan Stempel, “BofA’s Merrill admits misleading customers, to pay $42 million SEC fine,” Reuters, 06/19/18]
  • In March 2018, Bank Of America Merrill Lynch Agreed To Pay A “Record $42 Million Penalty To The State Of New York To Settle An investigation Into Fraudulent Practices In Connection With [Its] Electronic Trading Services.” [Press Release, New York Attorney General, 03/23/18]


Megabank Profile: State Street

State Street Took $2 Billion In Taxpayer-Funded Federal Bailout Money…

State Street Took $2 Billion In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

…While Its CEOs Raked In $184 Million In The Years Since The 2008 Financial Crisis.

State Street Has Paid Its CEOs Nearly $184 Million Since 2008.

State Street CEO Joseph Hooley Made Over $16 Million Last Year.

In 2018, State Street CEO Joseph Hooley Made Over $16 Million.

In The Wake Of The Financial Crisis, State Street Settled For $663 Million For Its Role In The Crisis—Including Notifying “Preferred Investors” About The Impending Trouble While Leaving Charities And Retirement Funds “Completely Unaware” Of The Problems.

In 2010, State Street Agreed To Pay Investors $663 Million To Settle Charges Stemming From Its Role In “The Subprime Market Meltdown Of 2007.”

  • In February 2010, State Street Agreed To Settle SEC Charges that It Misled “Investors About Their Exposure To Subprime Investments” “By Paying More Than $300 Million” To “Investors Who Lost Money During The Subprime Market Meltdown In 2007,” In Addition To Paying “Nearly $350 Million” To “Settle Private Claims”—A Total Of Approximately $663 Million. [Press Release, U.S. Securities and Exchange Commission, 02/04/10]

State Street Notified “Some Preferred Investors” That Their Subprime Mortgage Securities Were About To Go Bust, But Kept “Dozens Of Massachusetts Charities And Retirement Funds” “Completely Unaware.” 

  • State Street “Told Some Preferred Investors in 2007 That One Of Its Bond Funds Was Almost Entirely Invested In Subprime Mortgage Securities, Allowing Them To Get Out,” While “Others Were Kept In The Dark, Costing Them Millions Of Dollars.” [Katie Zezima, “State Street Gave Some of Its Clients Better Data,” The New York Times, 02/04/10]
  • Massachusetts Attorney General Martha Coakley Noted That State Street Kept “‘Dozens Of Massachusetts Charities And Retirement Funds—Completely Unaware” About The Subprime Mortgage Securities. [Katie Zezima, “State Street Gave Some of Its Clients Better Data,” The New York Times, 02/04/10]

In Recent Years, State Street Has Agreed To Pay Millions To Settle Charges Of Misconduct.

State Street Has Continued To Face Allegations Of Misconduct, Including That It Fraudulently Charged Secret Markups, “Conducted A Pay-To-Play Scheme” To Win Contracts, And Discriminated Against Female Executives.

  • In September 2017, State Street Settled With The SEC For $35 Million Over Allegations That It “Fraudulently Charged Secret Markups” To Customers For Transition Management Services. [Press Release, U.S. Securities and Exchange Commission, 09/07/17]
  • In January 2016, State Street Settled For $12 Million After It Allegedly “Conducted A Pay-To-Play Scheme […] To Win Contracts To Service Ohio Pension Funds.” [Press Release, U.S. Securities and Exchange Commission, 01/14/16]
  • In October 2017, State Street Settled With The Labor Department For $5 Million After The Firm Allegedly “Discriminated Against More Than 300 Female Executives By Paying Them Less Than Male Colleagues.” [Jay-Anne B. Casuga, “State Street Female Executives to Get $5M Pay-Bias Settlement,” Bloomberg, 10/04/17]

 


Megabank Profile: Bank Of New York (BNY) Mellon

Bank Of New York (BNY) Mellon Took $3 Billion In Taxpayer-Funded Federal Bailout Money…

BNY Mellon Took $3 Billion In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

…While Its CEOs Raked In $146 Million In The Years Since The 2008 Financial Crisis.

BNY Mellon Has Paid Its CEOs $146 Million Since 2008.   

BNY Mellon CEO Charles Scharf Made Over $17 Million In 2017.

In 2017, BNY Mellon Chairman And CEO Charles Scharf Made Over $17 Million.

Over A Decade After The Financial Crisis, BNY Mellon Is Still Facing A $1 Billion Lawsuit Over Toxic Mortgage-Backed Securities It Sold Before The 2008 Crisis.

BNY Mellon Is Still Facing A $1 Billion Lawsuit From German Lender Commerzbank, Which Seeks To Hold It Liable For Losses From “Toxic Mortgage-Backed Securities” Managed By BNY Mellon.

In Recent Years, BNY Mellon Has Continued To Face Charges Of Misconduct, Including Fraudulent Trading And Unsafe And Unsound Practices.

Since 2015, BNY Mellon Has Faced Charges Including Fraudulent Trading Practices, “Unsafe And Unsound Practices,” And Understating Its Risks.

  • In March 2015, BNY Mellon Agreed To Pay $714 Million To Settle Charges Of “Fraudulent Foreign Exchange Trading Practices.” [Press Release, U.S. Department of Justice, 03/19/15]
  • In June 2017, The Federal Reserve Fined BNY Mellon For $3 Million “For Unsafe And Unsound Practices After The Firm Improperly Assigned A Lower Risk Weighting To A Portfolio Of Assets, Reducing The Firm’s Risk-Based Capital Ratios.” [Press Release, Board of Governors of the Federal Reserve System, 06/27/17]
  • In January 2017, BNY Mellon Settled With The SEC For $6.6 Million For Allegedly Understating Information About Its Risks. [Press Release, U.S. Securities and Exchange Commission, 01/12/17]
  • In December 2018, BNY Mellon Agreed To Pay $54 Million To Settle Charges That It Improperly Handled “‘Pre-Released’ American Depositary Receipts (ADRs),” Which “Resulted In Abusive Practices Like Inappropriate Short Selling And Dividend Arbitrage That Should Not Have Been Occurring.” [Press Release, U.S. Securities and Exchange Commission, 12/17/18]


Megabank Profile: Goldman Sachs

Goldman Sachs Took $10 Billion In Taxpayer-Funded Federal Bailout Money…

Goldman Sachs Took $10 Billion In Federal Bailout Money.

…While Its CEOs Raked In $207 Million In The Years Since The 2008 Financial Crisis

Goldman Sachs Has Paid Its CEOs $207 Million Since 2008.

Goldman Sachs CEO David Solomon Made Over $20 Million Last Year.

In 2018, Goldman Sachs Chairman And CEO David M. Solomon Made $20.6 Million…

In The Wake Of The Financial Crisis, Goldman Sachs Paid Over $8 Billion To Settle Charges Over Its Subprime Mortgages And Mortgage-Backed Securities.

Goldman Sachs Agreed To Pay Over $8 Billion To Settle Charges Over “Serious Misconduct” Related To Its Mortgage-Backed Securities, Which Led To The Financial Crisis, And Its Marketing Of Subprime Mortgages. 

Goldman Sachs Is Being Investigated For Its Role In A Multibillion-Dollar Fraud That Funneled Billions To The Wealthy And Well-Connected.

Goldman Sachs Is Currently Being Investigated For Its Role In A “Multibillion-Dollar Fraud Involving A Malaysian Government Investment Fund” That Funneled At Least $2.7 Billion To The Wealthy And Well-Connected.


Megabanks Took Billions In Taxpayer-Funded Bailout Funds Only To Put Millions Back Into The Pockets Of Their Wealthy CEOs

Eight Of The Biggest Banks In The Country Took $171.3 Billion In Taxpayer-Funded Bailout Money During The Financial Crisis.

Megabanks Citigroup, JPMorgan Chase, Morgan Stanley, Bank Of America, State Street, BNY Mellon, Goldman Sachs, And Wells Fargo Took In Billions In Taxpayer-Funded Bailout Money Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The 2008 Financial Crisis.

  • Megabanks Citigroup, JPMorgan Chase, Morgan Stanley, Bank Of America, State Street, BNY Mellon, Goldman Sachs, And Wells Fargo Took $171.3 Billion In Taxpayer-Funded Bailout Money During The Financial Crisis.

Citigroup Took $45 Billion In Taxpayer-Funded Bailout Money.

JPMorgan Chase Took $28.11 Billion In Taxpayer-Funded Bailout Money.

Morgan Stanley Took $10 Billion In Taxpayer-Funded Bailout Money.

Bank Of America Took $45 Billion In Taxpayer-Funded Bailout Money.

State Street Took $2 Billion In Taxpayer-Funded Bailout Money.

Bank Of New York (BNY) Mellon Took $3 Billion In Taxpayer-Funded Bailout Money.

Goldman Sachs Took $10 Billion In Taxpayer-Funded Bailout Money.

Wells Fargo Took Over $28 Billion In Taxpayer-Funded Bailout Money.

In The Years Since The 2008 Financial Crisis, Megabanks Have Collectively Paid Their Chief Executive Officers (CEOs) $1.4 Billion.

Citigroup Has Paid Its CEOs $129.4 Million Since 2008.

JPMorgan Chase Has Paid Its CEOs $243 Million Since 2008.

Morgan Stanley Has Paid Its CEOs Over $180 Million Since 2008.

Bank of America Has Paid Its CEOs $135 Million Since 2008.

State Street Has Paid Its CEOs $184 Million Since 2008.

Bank Of New York (BNY) Mellon Has Paid Its CEOs $146 Million Since 2008.

Goldman Sachs Has Paid Its CEOs $207 Million Since 2008.

Wells Fargo Has Paid Its CEOs $201 Million Since 2008.

The CEOs Of The Megabanks Each Raked In Millions Last Year, With JPMorgan Chase CEO Jamie Dimon Leading The Pack By Making Over $30 Million In 2018. 

In 2018, JPMorgan Chase CEO Jamie Dimon Made Over $30 Million.

In 2018, Morgan Stanley CEO James Gorman Made $29 Million.

In 2018, Citigroup CEO Michael Corbat Made Over $24 Million.

In 2018, Bank Of America CEO Brian Moynihan Made Nearly $23 Million.

  • In 2018, Bank Of America Chairman And CEO Brian T. Moynihan Received $22,754,510 In Total Compensation. [“2019 Proxy Statement,” Bank of America, 03/13/19]

In 2018, Goldman Sachs CEO David M. Solomon Made $20.6 Million.

In 2018, Former Wells Fargo CEO Tim Sloan Made Over $18 Million.

In 2017, BNY Mellon CEO Charles Scharf Made Over $17 Million.

In 2018, State Street CEO Joseph Hooley Made Over $16 Million.

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