Trump to discuss coronavirus impact with these Wall Street CEOs
Administration is considering its response to the potential economic fallout from the virus
After the U.S. stock market registered one of the worst days in history, President Trump is scheduled to meet with the CEOs of Wall Street's biggest banks at the White House Wednesday afternoon.
Trump and members of his administration say the fundamentals of the economy are strong, despite the sharp drop in equity prices, but will look to discuss the financial market fallout from the coronavirus and potential solutions.
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The administration is considering its response to the potential economic fallout from the virus.
These are the business leaders set to meet with Trump:
Bank of America CEO Brian Moynihan
Bank of America CEO Brian T. Moynihan speaks at the Boston College Chief Executives Club in Boston on Nov. 8, 2018. (Photo by Pat Greenhouse/The Boston Globe via Getty Images) (Getty)
Moynihan has led Bank of America, the second-largest U.S. bank, since 2010. The virus outbreak could force the bank to shift energy away from its efforts to leverage the latest digital technology to grow its business.
"The idea is that these services still have a lot of room to grow, to have an impact on the company," Moynihan said on FOX Business' "Barron's Roundtable" in January.
Citigroup CEO Michael Corbat
Michael Corbat, CEO of Citigroup, speaks during the Bloomberg Global Business Forum in New York City, Sept. 25, 2019. REUTERS/Shannon Stapleton
Corbat has led Citigroup, parent of Citibank and the third-largest U.S. bank, since 2012.
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Corbat's pay stayed at $24 million in 2019 as the company reported rising profits in the last quarter of the year. Citigroup's fourth-quarter 2019 profits rose by 15 percent, as the banking conglomerate benefited from a boost in trading similar to competitor JPMorgan Chase.
JPMorgan Chase COO Gordon Smith
Smith, co-president and Chief Operating Officer for JPMorgan Chase, will attend the White House meeting instead of CEO Jamie Dimon, who is recovering from emergency heart surgery.
Smith has held the position at the biggest U.S. bank since 2018.
Goldman Sachs CEO David Solomon
Goldman Sachs CEO David Solomon (REUTERS/Shannon Stapleton)
Solomon has led the investment banking powerhouse since 2018 and will attend the White House meeting, FOX Business confirmed.
Wells Fargo CEO Charles Scharf
Charles Scharf speaks in Beverly Hills, Calif., April 30, 2019. (Kyle Grillot/Bloomberg via Getty Images)
Scharf took over troubled Wells Fargo in October. The bank is among the nation's top lenders.
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Scharf testified before Congress on Tuesday and blamed the company's alleged consumer abuses, including a fake-account scandal, on a "broken" culture and acknowledged the bank needs to do more to address its shortcomings.
U.S. Bancorp CEO Andy Cecere
Andrew Cecere (Credit: U.S. Bancorp)
Cecere has been CEO of U.S. Bancorp, the fifth-largest U.S. bank, since 2017. Cecere has been with the bank for decades, including before the former U.S. Bancorp merged with Firstar Corporation.
Truist CEO Kelly King
Truist's Kelly King (Credit: Truist)
Truist was formed in 2019 when Southern regional banking giants BB&T and SunTrust merged. King joined BB&T in 1972 and took over Truist in December.
American Bankers Association CEO Rob Nichols
ABA President & CEO Rob Nichols (Credit: American Banking Association)
The American Bankers Association is the only industry group known to be attending the meeting. The group represents banks of all sizes.
FOX Business' Blake Burman James Langford, Megan Henney and Suzanne O'Halloran and The Associated Press contributed to this report.