Finance
Goldman, Citi Soar With Trump Poised to Deliver Deregulation
- Regulatory pendulum ‘will swing back somewhat’: Piper Sandler
- Trump promised to eliminate 10 regulations for every new one
Shares of the biggest US banks including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. surged on Wednesday, as investors wagered that Donald Trump would make good on his promises to lower taxes and slash regulation of the industry.
Trump has vowed to cut the corporate tax rate to as low as 15% from 21% and to eliminate 10 regulations for every new one during his campaign — offering a more attractive environment for banks than his rival Kamala Harris, who had planned to raise corporate taxes.