Obama to Meet With Banking Chiefs: Reports

President Barack Obama plans to meet with executives from major U.S. banks to discuss his administration's efforts to bolster the financial system, reports say.

Author:: Joseph Woelfel
Publish date:: Mar 25, 2009 2:57 AM EDT

President Barack Obama will meet Friday with executives from banks such as

JPMorgan Chase

(JPM) - Get Report

Goldman Sachs

(GS) - Get Report

and

Citigroup

, reports say.

Obama is expected at the meeting to discuss his administration's efforts to help revive the financial system,

Reuters

says, confirming a report from the

Wall Street Journal

Reuters

cited two sources familiar with the matter.

The meeting follows the news on Monday about the Public-Private Investment Program, or PPIP, unveiled by Treasury Secretary Timothy Geithner that will provide up to $1 trillion in financing and guarantees to private investors to kick-start the frozen credit markets.

"President Obama will ... reiterate his belief that getting the economy back on track will require an understanding that each of us must look beyond our own short-term interests to the wider set of obligations we have to each other in order for America to succeed," a White House official said,

Reuters

reports.

JPMorgan wouldn't comment to

Reuters

, while spokespersons for Goldman Sachs and Citigroup weren't immediately available for comment.

Reuters

said Obama could discuss concerns raised recently by financial firms about the restrictions attached to government aid.

A number of financial firms that have received aid from the government's $700 billion Troubled Asset Relief Program have said they plan to repay the money after lawmakers added extra restrictions involving executive pay and dividend policies,

Reuters

notes.

It was reported Tuesday that Goldman Sachs hopes to return its $10 billion investment from the government as soon as possible, perhaps by next month.