Cyber attacks pose the most serious threat to US financial institutions and the system as a whole, the chief executives of four of the nation’s largest banks told Congress yesterday.

Asked by Representative Bill Huizenga of Michigan to name the biggest risk facing the financial sector, the CEOs of Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo each singled out cyber threats.  

“Cyber, and specifically the potential impact on consumer data and data privacy,” said James Gorman, CEO of