Michael Corbat, CEO, Citigroup, speaking at the Entire world Financial Forum in Davos, Switzerland, January 21, 2020.

Adam Galica | CNBC

Citigroup CEO Michael Corbat claimed Wednesday that the existing turmoil caused by the coronavirus just isn’t stemming from the money technique. 

“This is not a economic crisis,” Corbat mentioned through the White House meeting. “The financial institutions and the fiscal method are in sturdy shape and we are here to assistance.”

Leaders of the greatest U.S. banking companies ended up summoned to Washington by President Trump to examine methods to support compact firms and marketplaces. Brian Moynihan of Financial institution of The united states, Charles Scharf of Wells Fargo, David Solomon of Goldman Sachs and Stephen Schwarzman of option investments huge Blackstone had been amid the CEOs present at the assembly. 

The executives were being rapid to level out that, unlike the final economic downturn additional than a ten years in the past, the banking industry is properly capitalized and has gone through a number of years really worth of Federal Reserve-mandated tension checks. The 2008 economical crisis was brought on in portion by too much bank leverage and irresponsible property finance loan lending.

Gordon Smith, co-president of JPMorgan Chase, the major U.S. financial institution, attended in spot of CEO Jamie Dimon, who is . Smith explained Wednesday that Dimon was “carrying out nicely” and included that JPMorgan customers had been nevertheless searching and shelling out cash at dining places. 

Moynihan added that the market meant to help smaller organizations and consumers weather conditions the impacts of the coronavirus. 

Trump included that he “will be building a statement tonight” at 8 p.m. about steps to aid Americans as the impact of the virus spreads.

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