Donald Trump is a godsend for US banks

Donald Trump’s shock victory has led to irate protest marches. Wall Street bankers were not among those holding placards.

The president-elect’s promise to repeal the onerous Dodd-Frank Act is music to the ears of beleaguered bankers. The Dodd-Frank Act was passed in the wake of the global financial crisis (GFC) of 2008.

It was the most radical piece of financial regulation since the 1930s. President Barack Obama hoped the legislation would “lift our economy”. The Act, which runs into thousands of pages, vowed to “end too big to fail” and “promote financial stability”.

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