In a move reminiscent of the 2008 financial crisis, America's top bankers are headed to the White House to discuss how to confront the coronavirus.
President Donald Trump summoned the country's top bankers to the Washington on Wednesday regarding the coronavirus outbreak, as leaders both inside and outside the United States continue to try to assess the economic damage wrought by the virus - and the economic and financial market fallout that is still to come.
The White House didn't say who specifically would be coming to the meeting, set for 3 p.m. ET, though reports indicated Goldman Sachs (GS) - Get Report CEO David Solomon, Wells Fargo (WFC) - Get Report CEO Charlie Scharf, Citigroup (C) - Get Report CEO Mike Corbat and Bank of America (BAC) - Get Report CEO Brian Moynihan will be among the attendees.
JPMorgan Chase (JPM) - Get Report Co-President Gordon Smith, currently sitting in for CEO Jamie Dimon as he recovers from heart surgery, will also be present, according to reports. Treasury Secretary Steve Mnuchin will lead the meeting.
The high-level gathering reminiscent of October 2008 comes as President Trump and other White House officials publicly continue to downplay the virus outbreak and the government’s response to it - both from a health and economic standpoint.
It also juxtaposes Trump’s dismissive public comments about the virus and its potential impact on peoples’ health, which as of Wednesday had infected more than 119,000 globally and killed more than 4,300, with Italy now in loc down and officially the second worst-hit region outside of China.
Trump on Tuesday promised to unveil “substantial” economic measures to combat fallout from the virus, including possible payroll tax cuts, an extension of paid time off for workers affected by the virus as well as assistance with medical bills, assistance for businesses impacted by the virus and aid for the airline and cruise industries.
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