Bankers Vow to Build Trust with Increased Lending

Banks, Loans, Money, Personal Finance, US Economy

The nation’s top bankers came to account for themselves Wednesday to a wary public, displaying a blend of financial might and humility as they pledged to build public trust with greater lending and fewer perks. “We’re Americans first and bankers second,” John Stumpf, president and chief executive of Wells Fargo & Co., told a House committee.

“As an industry, we clearly made mistakes,” added John Mack, chairman and CEO of Morgan Stanley.

Eight chief executives sat at a witness table for more than six hours Wednesday assuring lawmakers that an infusion last fall of $165 billion in taxpayer money to their banks was good for consumers. The money was part of a $700 billion financial rescue approved by Congress in October.

Lending has increased, they told the House Financial Services Committee, and CEO bonuses have been eliminated.

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