The CEOs of the "big four" U.S. banks will be part of a large group of executives advising President Trump on how to repair the damaged economy once the SARS-CoV-2 coronavirus pandemic has waned.
The White House announced Tuesday that one of several planned Great American Economic Revival Industry Groups would include JPMorgan Chase's (NYSE:JPM) Jamie Dimon, Citigroup's (NYSE:C) John Corbat, Bank of America's (NYSE:BAC) Brian Moynihan, and Charlie Scharf from Wells Fargo (NYSE:WFC), among other bank CEOs.
None of the four men have commented about their inclusion on this list.
"These bipartisan groups of American leaders will work together with the White House to chart the path forward toward a future of unparalleled American prosperity," the White House press release said. Other groups will focus on specific sectors of the economy such as agriculture, tech, construction, and healthcare, and those too will include CEOs from major companies in those spaces.
The advisory groups "will produce a more independent, self-sufficient, and resilient Nation," the press release continued. It did not, however, delve into any specifics of how the drafted individuals would perform this work, or when they would meet.
Trump has consistently pushed for a speedy reopening of the economy, which has been hobbled by the restrictions put in place to combat the spread of the SARS-CoV-2 coronavirus. Nearly every economic sector has been affected, as in-person commerce has been severely curtailed and most business operations face significant restrictions.
Members of the big four were not having a big day on the stock market Wednesday. As of around 2:30 p.m. EDT, all had sunk further than the declines recorded by the key equities indexes. Of the quartet, Bank of America was off by the most (down 5.1%), and Citigroup the least (down 3.5%).