Monday, 16 January 2017

Wall Street wins big from Trump transition

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Wall Street is emerging as one of the biggest winners of the Trump transition with two of its biggest banks reporting stellar earnings off the back of the post-election market rally and Goldman Sachs veterans looking set to secure at least five top jobs in his administration. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Enter email address Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions, cookie policy and privacy policy. 

Although the president-elect attacked the financial sector during the campaign — and directly criticised rival Hillary Clinton for her ties to Goldman — the prospect of sweeping deregulation in banking and other US industries has buoyed global stock markets, helping Wall Street to record trading revenues

JPMorgan Chase’s trading business, the largest in the world by revenues, reported its best ever fourth quarter. Net income jumped 96 per cent from a year earlier to $3.43bn. At Bank of America’s global markets business, net income soared from $171m a year earlier to $658m, helped by cost-cutting.

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