Trump is set to meet with Wall Street bankers as coronavirus hits financial markets

Donald Trump

  • President Donald Trump plans to meet with leaders of the nation's largest banks Wednesday afternoon.
  • The coronavirus outbreak has increasingly raised alarm among businesses and investors, sending financial markets reeling.
  • Trump has repeatedly pointed to the stock market as a gauge of his economic stewardship.
  • Visit Business Insider's homepage for more stories.

President Donald Trump plans to meet with leaders of the nation's largest banks Wednesday afternoon, as the coronavirus outbreak increasingly raises alarm among businesses and investors.

Executives at the biggest banks - including Brian Moynihan of Bank of America, Charles Scharf of Wells Fargo, David Solomon of Goldman Sachs, Gordon Smith of JPMorgan Chase, and Michael Corbat of Citigroup - are expected to attend.

The Wall Street banks declined to comment on the agenda for the meeting, which the White House did not offer details on.

The rapid spread of the respiratory illness COVID-19 has battered financial markets in recent weeks, with Wall Street suffering some of its steepest losses in more than a decade. Efforts to contain it have dragged on economic activity around the globe, sparking fears of a potential downturn.

The Trump administration has downplayed the human and economic risks of the outbreak ahead of the November election, insisting that growth fundamentals remained solid. White House economic adviser Larry Kudlow has even gone on television several times to present recent stock market turmoil as an opportunity.

"Long-term investors should think seriously about buying these dips," Kudlow said Friday on CNBC.

Trump, who tends to poll better on jobs and growth than on his performance in office, has often pointed to the stock market as a gauge of his economic stewardship.

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