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February 28, 2020 at 03:03 PM
Presidential candidate Elizabeth Warren is probing the nation’s top banks — including Wells Fargo and JPMorgan Chase — on how they’re mitigating economic risks due to the coronavirus.
In a letter sent Friday to the CEOs of Citigroup, JPMorgan Chase, Goldman Sachs, Bank of America and Morgan Stanley, Warren asked how the U.S.-based banks with the largest foreign exposures “are monitoring and preparing to mitigate the economic risks of the outbreak of the coronavirus.”
As globally systemic important banks, “your institution and the customers it serves could be impacted either directly through exposures to areas where the virus has spread or indirectly through a change in market conditions caused by disruptions in supply chains, a drop in tourism or travel, or numerous other factors that could cause a slowdown in economic growth,” wrote Warren, D-Mass., who’s a member of the Senate Banking Committee.
She asked the bank CEOs to answer by March 13 a slew of questions on how the banks are evaluating and preparing for the risks to their institutions and customers associated with coronavirus.
Warren also probed the bank CEOs on the extent to which they are exposed to the outbreak, and how they are monitoring ongoing developments related to the outbreak.
