CEOs of top banks discussed fallout of Trump tariff, sources say

Reuters

Mon, Apr 7, 2025, 8:40 AM 1 min read

(Reuters) -Chief executives of immoderate planetary banks, including JPMorgan Chase and Bank of America, connected Sunday discussed implicit a telephone the fallout of the hefty tariffs unveiled by U.S. President Donald Trump, 4 sources acquainted with the substance said.

The telephone was convened by the Bank Policy Institute, a commercialized relation of ample U.S. lenders, 2 of the sources said. CEOs of Barclays and HSBC were among the attendees, according to 2 different sources.

The rare, behind-the-scenes speech underscores the increasing alarm wrong the fiscal manufacture implicit the economical fallout of the sweeping tariffs.

The sources declined to beryllium identified arsenic the details of the telephone were confidential.

Shares of banks, whose fortunes are intimately tied to the authorities of the economy, person been ravaged arsenic investors fearfulness that the tariffs could weaken user spending, rise recession risks and dilatory down superior markets activity.

The KBW Bank scale has dropped astir 15.2% since the caller levies were announced connected April 2, which Trump touted arsenic "Liberation Day".

Prominent voices successful the fiscal satellite person raised concerns astir the tariff policy. JPMorgan CEO Jamie Dimon said it could person lasting antagonistic consequences, portion billionaire capitalist Bill Ackman warned the U.S. mightiness beryllium heading toward "a self-induced, economical atomic winter".

Details of the telephone were archetypal reported by Sky News, which said Citigroup main Jane Fraser was besides present. Spokespersons for the banks did not instantly respond to Reuters requests for comment.

(Reporting by Pritam Biswas and Niket Nishant successful Bengaluru, Saeed Azhar and Nupur Anand successful New York and Stefania Spezzati successful London; Editing by Saumyadeb Chakrabarty, Shilpi Majumdar and Arun Koyyur)