No major bank CEO thinks a female or person of colour is likely to succeed them

  • Not a single major bank CEO expressed confidence that their successor would ‘likely’ be a female or person of colour.
  • Democratic Rep. Al Green asked the question during the Congressional hearings Wednesday.
  • Visit MarketsInsider.com for more stories.

“If you believe that your likely successor will be a woman or a person of colour, would you kindly extend a hand into the air?” Democratic Rep. Al Green asked the CEOs of seven of the country’s largest banks. Not a single one raised his hand while testifying before the House Financial Services Committee on Wednesday.

The CEOs were hauled in front of Congress for nearly seven hours to give testimony on a wide variety of issues. Participating in the hearings were the following CEOs:

  • Goldman Sachs CEO David Solomon
  • Citigroup CEO Michael Corbat
  • JPMorgan CEO Jamie Dimon
  • Morgan Stanley CEO James Gorman
  • Bank of America CEO Brian Moynihan
  • State Street CEO Ronald O’Hanley
  • Bank of New York Mellon CEO Charles Scharf

Green then asked whether that scenario was likely to occur in the next 10 years, and the response was different. Five CEOs raised their hands while Dimon shrugged his shoulders in an indication that he had no idea. Morgan Stanley CEO James Gorman also appeared bewildered by the question and did not respond.

For all the major banks in question, the CEO position is appointed by a vote the company’s board of directors.

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