The chief executives of some of the world’s biggest banks have held private talks about the carnage in financial markets and the global economy precipitated by President Donald Trump’s tariffs blitz. Sky News has learnt that bosses from lenders including Bank of America, Barclays, Citi, and HSBC Holdings held a call on Sunday to discuss the ongoing chaos as plunging equity markets reflect fears of a worldwide recession.
Sources said that Sunday’s call was convened by the Bank Policy Institute, a Washington-based public policy group. Brian Moynihan of BoA, Barclays’ CS Venkatakrishnan, and Georges Elhedery of HSBC were among those who took part in the call, according to one overseas bank executive. JP Morgan, whose chairman and CEO Jamie Dimon warned of the inflationary and recessionary implications of a trade war in his annual shareholder letter on Monday, is also said to have taken part in the call.
One source said the call was aimed at enabling US bank executives to outline their views of the unfolding tariffs chaos to their international peers. «I am hoping that after negotiations, the long-term effect will have some positive benefits for the United States,» Mr. Dimon wrote in his letter released on Monday. «My most serious concern is how this will affect America’s long-term economic alliances.»
Shares in leading banks have been hard hit by the stock market chaos around the world, with Rachel Reeves, the chancellor, understood to be in regular contact with UK bank chiefs as well as the Bank of England. On Monday, Andrew Bailey, the BoE governor, was nominated as the next chair of the Financial Stability Board, a key international body.
None of the banks contacted by Sky News would comment on Monday.
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