Top banking chiefs held talks over Trump tariff fallout, sources say
(Reuters) - The CEOs of some of the top global banks, including JPMorgan Chase and Bank of America, held a call on Sunday to discuss the repercussions of the hefty tariffs unveiled by President Donald Trump, sources familiar with the matter said.
The call was convened by the Bank Policy Institute, a trade association representing large U.S. lenders, two of the sources said. Barclays CEO C.S. Venkatakrishnan was also among the attendees, according to one source.
The rare, behind-the-scenes talk underscores the growing alarm within the financial sector over the economic fallout from the tariffs.
Shares of banks, whose fortunes are closely tied to the economy, have been crushed in recent days as investors fear that the turbulence could weaken consumer spending, raise recession risks and slow down capital markets activity.
The KBW Bank index has dropped about 15% since the new levies were announced on April 2, which Trump touted as "Liberation Day".
Prominent voices in the financial world have raised concerns. JPMorgan CEO Jamie Dimon said tariffs could have lasting negative consequences, while billionaire investor Bill Ackman warned the U.S. might be heading towards "a self-induced, economic nuclear winter".
Details of the call were first reported by Sky News earlier in the day. The report said top bosses from Citigroup and HSBC were also present on the call.
Spokespeople for the banks did not immediately respond to Reuters' requests for comment.
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