Bloomberg News has cited a source familiar with the situation that US President Donald Trump is weighing dismissing Treasury Secretary Steven Mnuchin after the Dow Jones Industrial Average fall.
Another source was quoted by Bloomberg as claiming that the future of the US treasury secretary would depend on whether the market continues to plummet.
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"There are plenty of people inside the White House who are not fans of Mnuchin who are happy to throw him under the bus. Up until now, he's been protected by the fact that Trump liked him and he's been a loyalist", Stephen Myrow, a former Treasury official and managing partner at Beacon Policy Advisors in Washington, D.C., told Bloomberg.
The developments came a day after Mnuchin tried to reassure financial markets after the Dow Jones Industrial Average dropped by 653 points, following the Dow's worst week since the 2008 financial crisis.
READ MORE: US Treasury Head Mnuchin Rebuffs Allegations About Trump Wishing to Leave WTO
On November 23, the Wall Street Journal reported that Trump was allegedly unhappy with Mnuchin, blaming him for the turbulent stock market.
Trump was quick to deny the reports, tweeting that he was "extremely happy and proud of the job being done by US Treasury Secretary Steven Mnuchin".