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President Biden\u2019s disastrous performance against Donald Trump in the first presidential debate has some of his top backers on Wall Street wondering whether he should step aside.<\/p>\n
A group of titan financiers apparently pondered the question over the weekend, speaking to friends, colleagues, and each other about what Biden\u2019s future holds, the New York Times Dealboo<\/em>k<\/a> reported, citing people with knowledge of the discussions.\u00a0<\/p>\n The high-powered group included BlackRock<\/a> CEO Larry Fink, former Treasury secretary Robert Rubin, President and COO of BlackStone Jon Gray, Lazard CEO Peter Orszag, cofounder of Centerview Partners Blair Effron, and Robert Wolf, a former UBS executive with ties to former president Obama.<\/p>\n Although they preferred to speak in private rather than make a public declaration like other media moguls and politicians, the bankers\u2019 conclusion was largely the same: the President\u2019s days as the Democratic nominee may be numbered. At least one unnamed executive told DealBook<\/em> that there was an \u201cinevitability\u201d to Biden stepping aside, while others said they were \u201cconcerned.\u201d<\/p>\n Requests for comment sent by Fortune<\/em> to the Biden campaign and the Democratic National Committee were not immediately returned.\u00a0<\/p>\n Some of the bankers discussed \u201celegant\u201d ways for Biden to bow out, but others were concerned about how such a change would affect the Democratic party at large and the outcome of the race.<\/p>\n Some executives suggested to DealBook<\/em> that Biden should not withdraw before the convention, lest it complicate his ability to name a successor. If he stepped down prematurely and Trump won because of inter-party turmoil, Biden could take the blame.<\/p>\n Other executives differed, saying that Biden should get out of the race to allow time for several candidates to campaign and debate in a sort of \u201cmini-primary.\u201d This move could give a successor more legitimacy and would draw the attention away from Donald Trump, who is set to be officially named as the Republican nominee at the Republican National Convention in Milwaukee next week.\u00a0<\/p>\n While the bankers conversed behind closed doors, other big name donors and politicians have aired their grievances publicly. Netflix<\/a> CEO Reed Hastings, Endeavor CEO Ari Emanuel, and IAC<\/a> chairman Barry Diller have all called on Biden to step aside<\/a>. Heiress Abigail Disney<\/a> said she and her family would walk back $3 million in donations if Biden does not withdraw<\/a>.\u00a0\u00a0<\/p>\n Still, President Biden has ardently opposed stepping away from the race, and in an interview with ABC last week blamed his \u201cbad episode\u201d during the debate on sickness.<\/p>\n \u201cNo indication of any serious condition. I was exhausted. I didn\u2019t listen to my instincts in terms of preparing and\u2014and a bad night,\u201d he told<\/a> ABC\u2019s George Stephanopoulos.\u00a0<\/p>\n On Monday, the President reaffirmed his intentions to stay in the race via a letter to Congressional Democrats. <\/p>\n \u201cThe voters of the Democratic Party have voted. They have chosen me to be the nominee of the party,\u201d he wrote<\/a>.<\/p>\n<\/div>\n