According to Jamie Dimon, chief executive of JPMorgan Chase and king of Wall Street, bankers were elated upon Donald Trump’s election victory. Many chafed under Joe Biden’s presidency, as mergers and bank fees faced additional scrutiny, and new capital-market rules came thick and fast. Now, with the inauguration of Mr Trump imminent, American financiers will discover just how much cause they have for celebration.
The industry will certainly experience an abrupt change in how it is overseen. America’s regulatory agencies will take a permissive approach in banking and beyond, with new priorities when enforcing securities laws. Crypto is about to go truly mainstream. And looser rules could enable the consolidation of America’s banking system, home to a vast number of small and mid-sized lenders. The only danger, from Wall Street’s perspective, is that the Trump team’s MAGA instincts and chaotic approach prevent a deregulatory boom.
My first piece in the new gig. Will Trump unleash Wall Street?
— Mike Bird (@Birdyword) January 15, 2025
Banks and PE have good reason to be excited. But the sector that has by *far* the most to gain is crypto, which is about to be treated as part of mainstream finance for the first time.https://t.co/QFUDd1YeUc
Leave a Reply
You must be logged in to post a comment.