East West Bank's CEO on how the bank coped with LA wildfires

·31 min·3 clips

East West Bank's CEO describes being trapped in his office as 80 mph winds from the LA wildfires tore through Pasadena.

The episode begins with host Penny Crosman introducing Dominic Ng, CEO of East West Bank, who is in Pasadena near fire station headquarters during recent wildfires. Ng recounts experiencing 70-80 mph Santa Ana winds while leaving his office, comparing them to typhoons in Hong Kong. He details the bank's immediate response: allowing employees to work from home and assessing branch closures, with only 5% of branches closed briefly. Ng explains East West Bank's 'skip a pay' policy, which automatically lets fire-zone customers miss mortgage payments without paperwork. He notes the bank discovered only four employees lost homes and about 50-60 were evacuated. Financially, Ng reveals the bank has $14 billion in single-family mortgages but only 40 customer homes were lost in the fire zone, with average loan-to-value at 51%. He emphasizes the emotional toll on victims who lost personal items like family photos. The conversation shifts to the bank's support for artists, many of whom live in Altadena and lost uninsured artworks in progress. Ng describes leading a relief fund with Getty, LACMA, MOCA, and Hammer Museum that raised over $12 million. He also mentions Project Phoenix, an initiative providing insurance and tax help for artists. Ng discusses rebuilding prospects, arguing homes need fire-resistant materials like metal vents and underground utilities. He analyzes why some homes survived due to cleared eaves and proper vents, stressing smarter reconstruction is necessary. The episode concludes with Ng hoping for a stronger rebuild with leadership from government and business.

As heard by us

Dominic Ng explains East West Bank's wildfire relief, mortgage exposure, and the long road to rebuilding.

Dominic Ng brings East West Bank's wildfire response down to ground level, speaking from Pasadena beside the fire station headquarters. The local connection matters here: he has lived in Pasadena for more than 21 years, and the bank moved its headquarters there exactly 20 years…

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Want a bank CEO's view from Pasadena on wildfire relief, mortgage exposure, and rebuilding smarter?

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