Will a Democratic House Hurt Wall Street?
By Stephen Gandel
Bank stocks are down 10 percent since the beginning of August, as measured by the KBW Banking Index. Some of the biggest lenders, like Bank of America Corp., are down even more. The reason, at least in part, is Washington, according to some analysts. …One potential worry for the big banks is that Trump’s rhetoric at times has sounded a bit like a liberal Democrat’s wish list. He called during the election for the return of the Glass-Steagall Act to effectively break up the big banks and ran ads that attacked Wall Street, and Goldman Sachs Group Inc., in particular. But Karen Shaw Petrou, managing partner of Federal Financial Analytics, says the chance of the populist movements on the right and the left joining up against the big banks is slim.