Bank stocks rally on likelihood of Trump deregulation

The banking sector saw a positive rebound this morning following news that Donald Trump emerged victorious in the 2024 presidential election. Major banks — including JPMorgan Chase (JPM), Goldman Sachs (GS), Morgan Stanley (MS), Wells Fargo (WFC), Bank of America (BAC) and Citigroup (C) — likely see upside in possible deregulation under Trump’s second Suggestion term.

“This reflects that the Biden administration’s financial services agenda is broken, and we can argue that it was broken before today because the banking industry had good luck in blocking some of the most important or significant regulations it proposed.” “The Biden government in courts across the country,” Punchbowl News financial services reporter Brendan Pedersen tells Catalysts.

“At this point, all of these legal challenges might as well be over because the Trump administration regulators are going to step in and just withdraw them.”

Pedersen discusses Sen. Tim Scott’s (R-SC) likely role as the next chairman of the Senate Banking Committee, highlighting a notable shift in tone by the committee from the leadership of Sen. Sherrod Brown (D) of Ohio.

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This post was written by Luke Carberry Mogan.