Big bank CEOs gather for long-planned meeting amid crisis
Financial Services Forum will reportedly discuss the future of imperiled First Republic Bank following series of bank collapses
Barron's markets reporter Jacob Sonenshine discusses whether the banking sector is on the brink of a 2008-style bailout on 'Varney & Co.'
The chief executives of America's eight largest banks will gather in Washington, D.C., this week, at the regular quarterly meeting of the Financial Services Forum, FOX Business confirmed.
The gathering is generating more attention than usual considering the big lenders are in talks to help stave off contagion after a series of bank failures in recent weeks.
(L-R) Wells Fargo CEO Charles Scharf, Bank of America CEO Brian Moynihan, JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser appear before a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., Sept. 22, 2022. T … (Al Drago/Bloomberg via Getty Images / Getty Images)
The Financial Services Forum is an economic policy and advocacy group, and its members include JPMorgan Chase's Jamie Dimon, Bank of America's Brian Moynihan, Citigroup's Jane Fraser, Wells Fargo's Charles Scharf, Goldman Sachs' David Solomon, Morgan Stanley's James Gorman, Bank of New York Mellon's Robin Vince and State Street Corporation's Ronald O'Hanley.
YELLEN SAYS US WILL TAKE MORE ACTION TO PROTECT SMALLER BANKS IF NEEDED
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 245.33 | +3.40 | +1.41% |
| BAC | BANK OF AMERICA CORP. | 46.75 | +0.85 | +1.85% |
| C | CITIGROUP INC. | 68.76 | +0.61 | +0.90% |
| WFC | WELLS FARGO & CO. | 74.34 | +1.54 | +2.12% |
| GS | THE GOLDMAN SACHS GROUP INC. | 593.54 | +4.93 | +0.84% |
| MS | MORGAN STANLEY | 134.06 | +1.63 | +1.23% |
| BK | THE BANK OF NEW YORK MELLON CORP. | 78.29 | +0.72 | +0.93% |
| STT | STATE STREET CORP. | 95.48 | +1.30 | +1.38% |
"Members of the Financial Services Forum meet regularly to discuss economic and regulatory policy issues," a spokeswoman for the forum said in a statement.
"The meeting this week was scheduled a year ago and will provide the members an opportunity to discuss the importance of our strong, diverse U.S. banking sector, the state of the economy and other important policy issues," she added.
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Sources told Reuters the two-day meeting will kick off Tuesday, and the future of the imperiled First Republic Bank will be discussed.
Jamie Dimon, chairman and CEO of JPMorgan Chase., speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, D.C., Oct. 13, 2022. (Ting Shen/Bloomberg via Getty Images / Getty Images)
The Wall Street Journal reported Monday that Dimon is spearheading talks with the CEOs of other major banks about new efforts to stabilize First Republic after eleven of the nation's biggest banks — including JPMorgan — joined forces last week to rescue First Republic with a $30 billion deposit.
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FOX Business' Alexa Angelus, Megan Henney and Reuters contributed to this report.