November 24, 2020

The US Treasury Secretary called the six major US banks after the Wall Street crash

The US Treasury Secretary called the six major US banks after the Wall Street crash


WASHINGTONUpdated:

The US Treasury Secretary, Steven Mnuchin, maintained a series of "individual" telephone contacts with the CEOs of the six major US banks (Bank of America, JP Morgan Chase, Goldman Sachs, Wells Fargo, Citi and Morgan Stanley), after the strong falls of the markets in the last sessions, that have evaporated more than 12% of the value of the Dow Jones Industrial Index so far this month.

"Secretary Mnuchin made a series of calls to the CEOs of the six largest banks in the country: Brian Moynihan, Bank of America, Michael Corbat, Citi, David Solomon, Goldman Sachs, Jamie Dimon, JP Morgan Chase, James Gorman, Morgan Stanley, Tim Sloan, Wells Fargo, "confirmed Mnuchin himself through his official Twitter account.

In this regard, the US Treasury Secretary stressed that the bankers confirmed that they have abundant liquidity available pto grant loans to consumers, market companies and other operations. "They also confirmed that they have not experienced any compensation or margin problems and that the markets work correctly."

The Secretary of the Treasury, on the other hand, announced that he will hold a conversation on Monday with the Working Group on Financial Markets of the US President, which is chaired by Donald Trump and which includes the Board of Governors of the Federal Reserve (Fed). , to the Securities Market Commission (SEC), to the Futures and Commodities Trading Commission (CFTC).

Likewise, the Office of the Comptroller of the Currency and the Federal Deposit Guarantee Corporation has also been invited to take part in the meeting, with the aim of discussing the coordination of efforts to guarantee normalcy in the markets.

"We continue to see strong growth in the US economy with robust consumer and business activity," Mnuchin said, adding that "with the government closing, the Treasury will deploy key employees to maintain its strategic operations."

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