Please ensure Javascript is enabled for purposes of website accessibility

All Big 4 Bank CEOs Tapped by Trump for Post-Coronavirus Recovery Advisory Group

By Eric Volkman – Apr 15, 2020 at 2:46PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The quartet will theoretically help shape official U.S. economic policy once the COVID-19 pandemic subsides.

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 (JPM -1.29%) Jamie Dimon, Citigroup's (C -1.46%) John Corbat, Bank of America's (BAC -1.05%) Brian Moynihan, and Charlie Scharf from Wells Fargo (WFC -1.77%), among other bank CEOs.

None of the four men have commented about their inclusion on this list. 

Facade reading "Bank" on a city building.

Image source: Getty Images.

"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%).

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Citigroup Inc. Stock Quote
Citigroup Inc.
$43.20 (-1.46%) $0.64
Bank of America Corporation Stock Quote
Bank of America Corporation
$31.59 (-1.05%) $0.34
JPMorgan Chase & Co. Stock Quote
JPMorgan Chase & Co.
$108.96 (-1.29%) $-1.43
Wells Fargo & Company Stock Quote
Wells Fargo & Company
$42.55 (-1.77%) $0.77

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 10/06/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.