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US banking chiefs grilled over pay gap between execs and employees

Firms were faulted for a drop in overall lending amid the pandemic

WASHINGTON — The chief executives of the six largest US banks drew fire from both Republicans and Democrats at a Senate hearing that highlighted challenges facing corporate leaders seeking to navigate partisan strife over hot-button issues including voting rules, climate change and racial justice.

In sometimes tense exchanges on 26 May before the Senate Banking Committee, CEOs including JPMorgan’s Jamie Dimon, Citigroup’s Jane Fraser and Wells Fargo’s Charles Scharf were criticised by Democrats for perceived faults, including excessive executive compensation and overdraft fees.

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