Wall Street Is Torn on Whether a Biden Win Brings Joy or Misery
By Robert Schmidt and Jesse Hamilton
As President Donald Trump’s poll numbers continue to sink, Wall Street is starting to envision Washington under Joe Biden — a scenario that many executives say they welcome. But to some pessimists, the upbeat view underestimates the rising influence of progressive Democrats who are demanding a clampdown on banks, hedge funds and private-equity firms….That’s a threat that the industry should take seriously, especially if wealth inequality and Covid-fueled job losses “force a new Democratic tone,” said Karen Shaw Petrou, a managing partner at Washington research firm Federal Financial Analytics. “While Biden as president would surely be less ornery than Warren, it’s more than premature to say he won’t be considerably more progressive than many on the Street expect.”