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Trump held a call with top Wall Street execs as markets tumbled Wednesday

blank - Trump held a call with top Wall Street execs as markets tumbled Wednesday

Michael Corbat Brian Moynihan

  • President Donald Trump was briefed by Wall Street executives from some of the greatest banking institutions on a conference get in touch with Wednesday.
  • That came as economic downturn considerations sent stocks to their worst shut of the 12 months.
  • The White Household has publicly maintained a rosy see of the economic system in spite of ongoing trade tensions.
  • Go to Markets Insider for additional stories.

As economic downturn considerations sent economic markets sharply reduce Wednesday, President Donald Trump was briefed by Wall Street executives from some of the greatest banking institutions on a conference get in touch with.

“They talked about the economy and markets and what kind of consumer activity was going on,” mentioned a individual acquainted with the get in touch with Trump held with Financial institution of America’s Brian Moynihan, Citigroup’s Michael Corbat, and JPMorgan’s Jamie Dimon.

The financial institution executives had held a previously scheduled meeting that day with Treasury Secretary Steven Mnuchin to go over anti-funds laundering initiatives and other difficulties, the individual mentioned. The get in touch with, which was first reported by Bloomberg, took location at the finish of that meeting.

Soon after a important economic downturn warning flashed for the 1st time considering the fact that in advance of the international economic crisis in 2007, stocks suffered their worst day of the 12 months Wednesday. Traders have develop into more and more jittery above escalating trade tensions amongst the US and China and weaker international development.

The White Household has publicly maintained a rosy see of the economic system, nevertheless. Trump and his advisers have downplayed considerations about his tariffs, which he intents to lengthen to just about all merchandise from China in the coming months.

Asked on Thursday irrespective of whether he was concerned by the latest economic downturn signal, Trump replied: “Well, I think we’re going to have a very long period of wealth and success. Other countries are doing very poorly. As you know, China is doing very, very poorly. The tariffs have really bitten into China.”

Spokespeople at the White Household, Citigroup, JPMorgan and Financial institution of America did not supply comment Friday afternoon. The Treasury Division did not react to an electronic mail requesting comment.

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SEE ALSO: Mounting recession fears have pushed consumer sentiment to the 2nd-lowest level of Trump’s presidency

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