By Robert Schroeder, MarketWatch
President plans 9 p.m. speech on response to virus outbreak
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), Citigroup (C), Wells Fargo (WFC) 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 9 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 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); 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); 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); Kelly King, the chairman and CEO of Truist Financial (TFC); Andrew Cecere, the chairman, president and CEO of U.S. Bank (USB); and Charlie Scharf, the CEO and president of Wells Fargo & Company.
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-Robert Schroeder; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 11, 2020 16:50 ET (20:50 GMT)
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