Source: Trump held a conference call with the heads of three major banks amid market turmoil

UNITED STATES, WASHINGTON (VOP TODAY NEWS) — US President Donald Trump held a conference call on Wednesday with the heads of three major Wall Street banks as financial markets were in turmoil, a source familiar with the matter said on Friday.

Chief executives of JPMorgan Chase & Co, Bank of America and Citigroup discussed the financial sector safety with Trump, who was at his resort in Bedminster, New Jersey, the source said.

The conversation came on a day when the three major US stock indices suffered losses of around 3 percent as concerns about the global economy persisted.

According to four people with first-hand knowledge, the chief executives of the three banks were in Washington at the time of the phone call with Trump. People said they were in the US capital to discuss long-awaited changes to anti-money laundering and bank secrecy rules with Treasury Secretary Stephen Mnuchin.

They said the meeting with the Treasury Secretary had been planned in advance. At that meeting, the three chief executives told Treasury officials that they believed the banking sector was in good shape with an abundance of liquidity and capital.

Global markets have been troubled this week as investors worry about the risk of recession and trade tensions between the United States and China. Wall Street’s three main indexes have fallen at least 1.5 percent since last Friday, heading for their third consecutive week of losses.


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