Chief executive officers from some of the nation’s largest banks told President Barack Obama that they will work with him to achieve an economic recovery and agreed that financial-market regulations need to be overhauled.

“We’re all in this together,” John Stumpf, the CEO of Wells Fargo & Co., told reporters outside the White House after meeting with Obama today. “We’re trying to do the right thing for America.”

Obama is seeking support for his plan to stabilize the U.S. financial system and move beyond the furor over bailouts and bonuses. He met with CEOs including Jamie Dimon of JPMorgan Chase & Co., John Mack of Morgan Stanley, Vikram Pandit of Citigroup Inc. and Lloyd Blankfein of Goldman Sachs Group Inc.

The meeting began with a discussion about the need to deal with toxic assets and increase bank lending, then moved onto Obama’s plan to resolve the housing crisis, and his proposals for revamping regulations and executive compensation, White House Press Secretary Robert Gibbs said.

“They agreed on the need to update the framework of regulation,” Gibbs told reporters. Obama also emphasized the importance of “recognizing what the American public is going through in this economic crisis,” he said. By Julianna Goldman and Kristin Jensen  Source: Bloomberg news. Click here to read more.

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