CEOs of top banks discussed fallout of Trump tariff, sources say
Chief executives of some global banks, including JPMorgan Chase and Bank of America , on Sunday discussed over a call the fallout of the hefty tariffs unveiled by U.S. President Donald Trump, four sources familiar with the matter said.
The call was convened by the Bank Policy Institute, a trade association of large U.S. lenders, two of the sources said. CEOs of Barclays and HSBC were among the attendees, according to two other sources.
The rare, behind-the-scenes talk underscores the growing alarm within the financial industry over the economic fallout of the sweeping tariffs.
The sources declined to be identified as the details of the call were confidential.
Shares of banks, whose fortunes are closely tied to the state of the economy, have been ravaged as investors fear that the tariffs could weaken consumer spending, raise recession risks and slow down capital markets activity.
The KBW Bank index has dropped about 15.2% since the new levies were announced on April 2, which Trump touted as "Liberation Day".
Prominent voices in the financial world have raised concerns about the tariff policy. JPMorgan CEO Jamie Dimon said it could have lasting negative consequences, while billionaire investor Bill Ackman warned the U.S. might be heading toward "a self-induced, economic nuclear winter".
Details of the call were first reported by Sky News, which said Citigroup chief Jane Fraser was also present. Spokespersons for the banks did not immediately respond to Reuters requests for comment. (Reporting by Pritam Biswas and Niket Nishant in Bengaluru, Saeed Azhar and Nupur Anand in New York and Stefania Spezzati in London; Editing by Saumyadeb Chakrabarty, Shilpi Majumdar and Arun Koyyur)
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