Barclays, HSBC, Bank of America bosses hold crisis tariff talks
Chief executives at the world’s biggest banks have held talks on the fallout of Trump’s tariff onslaught.
Bosses from Bank of America, HSBC, Barclays and Citi discussed the global chaos triggered by Trump’s ‘Liberation Day’ in a call on Sunday, according to Sky News’ Mark Kleinman.
The call was organised by the Bank Policy Institute – a Washington-based policy group – sources told Sky.
The call is said to have included Bank of America’s Brian Moynihan, Barclays’ CS Venkatakrishnan and HSBC’s Georges Elhedery.
JP Morgan is also understood to have been a part of the call.
The bank boss conference call aimed to allow US bank executives to share their perspective on the tariff saga to their international peers, according to Sky.
Lenders have suffered some of the biggest blows since Trump announced the levies.
The FTSE 350 bank index has lost over ten per cent in the last five-days.
Banking giants have ranked amongst the top fallers of the FTSE 100.
Following China’s announcement of 34 per cent retaliatory tariffs against the US, HSBC plummeted over eight per cent and Standard Chartered lost over seven per cent.
Both lenders are exposed to the brunt of tariffs given their global trade flows and presence in regions that will be subject to higher levies, specifically Asia.
Trump slapped a 34 per cent import tax on China taking the country’s total import tax to 54 per cent.
Vietnam and Taiwan were handed 46 per cent and 32 per cent rates respectively.