Citi's Corbat says 'this is not a financial crisis' during Trump meeting with Wall Street execs

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Michael Corbat, CEO, Citigroup, speaking at the World Economic Forum in Davos, Switzerland, January 21, 2020.

Adam Galica | CNBC

CEO Michael Corbat said Wednesday that the current turmoil caused by the coronavirus isn’t one stemming from the financial system. 

“This is not a financial crisis,” Corbat said during a White House meeting. “The banks and the financial system are in strong shape and we are here to help.”

Leaders of the biggest U.S. banks were summoned to Washington by President Trump to discuss ways to support small businesses and markets. Brian Moynihan of , Charles Scharf of , David Solomon of  and Stephen Schwarzman of alternative investments giant Blackstone were present at the meeting. 

Gordon Smith, co-president of , the biggest U.S. bank, also attended in place of CEO Jamie Dimon, who is . Other attendees included the CEOs of large regional lenders U.S. Bancorp and Truist, and the heads of the American Bankers Association and the Consumer Bankers Association. 

This is a developing story. Check back for updates.

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