Apr
06
Wall Street Doubts Trump Wants to Split Up Big U.S. Banks
By-
Revival of Glass-Steagall Act ‘hard to envision,’ analyst says
-
Depression-era banking legislation was repealed in 1999
President Donald Trump and his advisers have vowed to bring back a Depression-era law that would cleave the biggest U.S. lenders in half by separating commercial and investment banking operations. Wall Street doesn’t expect that to happen.
After chief economic adviser Gary Cohn reiterated the administration’s stance toward the Glass-Steagall Act in a private meeting with lawmakers on Wednesday, analysts said they viewed any radical regulatory changes as unlikely. Shares of Bank of America Corp. and JPMorgan Chase & Co., which would be most affected by the rule, rose Thursday after Bloomberg first reported on Cohn’s comments…
Wall Street Doubts Trump Wants to Split Up Big U.S. Banks
