/Trump Today: Trump meets bank chiefs as coronavirus declared pandemic and Dow falls into bear market

Trump Today: Trump meets bank chiefs as coronavirus declared pandemic and Dow falls into bear market


Samuel Corum/Getty Images

President Donald Trump plans a late-Wednesday statement after meeting with top bankers on the coronavirus.

President Donald Trump met with the heads of major banks Wednesday as the coronavirus was declared a pandemic and the Dow Jones Industrial Average closed in a bear market.

Trump met at the White House with the chief executives of Bank of America

BAC, -3.98%,

Citigroup

C, -8.62%,

Wells Fargo

WFC, -7.84%

  and other institutions, as the World Health Organization designated the global spread of COVID-19 a pandemic.

The president said he would make a statement at 8 p.m. Eastern Wednesday.

“We are talking about various forms of stimulus,” Trump said, telling reporters there will be economic and health announcements.

The Dow

DJIA, -5.86%

fell into a bear market Wednesday, closing more than 20% off its all-time closing high in a broad selloff attributed in part to disappointment in the lack of quick action on fiscal stimulus to cushion the economy from the effects of the spread of COVID-19.

Now see: Mnuchin says broad economic response to coronavirus will have to wait, backs smaller plan.

As released by the White House, the list of banking leaders joining Trump consisted of: Rob Nichols, president and CEO of the American Bankers Association; Brian Moynihan, chairman of the board and CEO of Bank of America; Stephen Schwarzman, the chairman and CEO of Blackstone

BX, -6.50%

; Ken Griffin, the CEO of Citadel; Michael Corbat, the CEO of Citi; Richard Hunt, the president and CEO of the Consumer Bankers Association; David Solomon, the chairman and CEO of Goldman Sachs

GS, -6.76%

; Rebeca Romero Rainey, the president and CEO of the Independent Community Bankers of America; Gordon Smith, the co-president and COO of JPMorgan Chase

JPM, -4.71%

; Kelly King, the chairman and CEO of Truist Financial

TFC, -7.37%

; Andrew Cecere, the chairman, president and CEO of U.S. Bank

USB, -6.29%

; and Charlie Scharf, the CEO and president of Wells Fargo & Company.

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