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Bank CEOs warn of ‘daunting’ challenges from inflation

U.S. Bancorp Chairman, President, and CEO Andy Cecere appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) PNC Financial Services Group Chairman, President, and CEO William Demchak appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) Citigroup CEO Jane Fraser testifies before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) U.S. Bancorp Chairman, President, and CEO Andy Cecere, left, and PNC Financial Services Group Chairman, President, and CEO William Demchak, right, appear before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) JPMorgan Chase & Co. Chairman and CEO Jamie Dimon appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) Bank of America Chairman and CEO Brian Moynihan rubs his eyes as he appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) Bank of America Chairman and CEO Brian Moynihan appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) Citigroup CEO Jane Fraser testifies before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) Chairwoman Maxine Waters, D-Calif., right, and Ranking Member Patrick McHenry, R-N.C., left, listen to testimony from banking leaders as they appear before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) Truist Financial Corporation Chairman and CEO William Rogers Jr. appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) Chairwoman Maxine Waters, D-Calif., questions banking leaders as they appear before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) Chairwoman Maxine Waters, D-Calif., right, accompanied by Ranking Member Patrick McHenry, R-N.C., left, questions banking leaders as they appear before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) Wells Fargo President and CEO Charles Scharf testifies before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) Truist Financial Corporation Chairman and CEO William Rogers Jr. appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) JPMorgan Chase & Co. Chairman and CEO Jamie Dimon appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) JPMorgan Chase & Co. Chairman and CEO Jamie Dimon, center, accompanied by PNC Financial Services Group Chairman, President, and CEO William Demchak, left, greets members of congress as he appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) JPMorgan Chase & Co. Chairman and CEO Jamie Dimon appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) JPMorgan Chase & Co. Chairman and CEO Jamie Dimon, right, accompanied by U.S. Bancorp Chairman, President, and CEO Andy Cecere, second from left, and PNC Financial Services Group Chairman, President, and CEO William Demchak, fourth from left, appear before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) Citigroup CEO Jane Fraser, center, and Bank of America Chairman and CEO Brian Moynihan, center right, greet members of congress as she appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) JPMorgan Chase & Co. Chairman and CEO Jamie Dimon appears before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) JPMorgan Chase & Co. Chairman and CEO Jamie Dimon, right, accompanied by U.S. Bancorp Chairman, President, and CEO Andy Cecere, left, and PNC Financial Services Group Chairman, President, and CEO William Demchak, second from left, appear before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) From left; U.S. Bancorp Chairman, President, and CEO Andy Cecere; PNC Financial Services Group Chairman, President, and CEO William Demchak; JPMorgan Chase & Co. Chairman and CEO Jamie Dimon; Citigroup CEO Jane Fraser; Bank of America Chairman and CEO Brian Moynihan; Truist Financial Corporation Chairman and CEO William Rogers Jr.; and Wells Fargo President and CEO Charles Scharf appear before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) From left; Wells Fargo President and CEO Charles Scharf; Truist Financial Corporation Chairman and CEO William Rogers Jr.; Bank of America Chairman and CEO Brian Moynihan; Citigroup CEO Jane Fraser; JPMorgan Chase & Co. Chairman and CEO Jamie Dimon; PNC Financial Services Group Chairman, President, and CEO William Demchak; and U.S. Bancorp Chairman, President, and CEO Andy Cecere, are sworn in as they appear before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik) From left; U.S. Bancorp Chairman, President, and CEO Andy Cecere; PNC Financial Services Group Chairman, President, and CEO William Demchak; JPMorgan Chase & Co. Chairman and CEO Jamie Dimon; Citigroup CEO Jane Fraser; Bank of America Chairman and CEO Brian Moynihan; Truist Financial Corporation Chairman and CEO William Rogers Jr.; and Wells Fargo President and CEO Charles Scharf are sworn in as they appear before a House Committee on Financial Services Committee hearing on "Holding Megabanks Accountable: Oversight of America's Largest Consumer Facing Banks" on Capitol Hill in Washington, Wednesday, Sept. 21, 2022. (AP Photo/Andrew Harnik)