Wall Street Bosses Warn US Debt Talks Are Already Doing Damage
- US banks are gauging risks to themselves, clients and markets
- Debt-ceiling brinkmanship has Wall Street preparing for worst
Up and down Wall Street, teams are huddling inside banks and gauging the risks to themselves, their clients and markets if US lawmakers fail to raise the debt ceiling. Their message to the Biden administration and Congress: Get it done — now.
Executives from banks including the nation’s three biggest — JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. — are spreading the word inside Washington’s corridors of power, and sometimes even publicly, that the damage to US businesses and the economy will start well before a technical default.