President Donald Trump said Monday he was contemplating breaking up the big Wall Street banks.
ADVERTISEMENT
Trump says he's thinking about breaking up the big banks (GS, MS, JPM, C)
"I'm looking into that right now," Trump told Bloomberg about bringing back the "old system" that separated consumer lending and investment banking.
US President Donald Trump.
ADVERTISEMENT
"I'm looking into that right now," he told Bloomberg about bringing back the "old system" that separated consumer lending and investment banking.
The move would revive a version of the repealed Glass-Steagall Act that
Stocks dipped after headlines from Trump's interview crossed. At 1:17 p.m. ET, the Dow was down 9 points, or 0.04%, at 20,931.37.
ADVERTISEMENT
The financials sector of the S&P 500 also took a hit, as did shares of several big banks including Morgan Stanley, Citi, and Goldman Sachs.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Offshore sportsbooks and best sports betting sites
Top 5 African cities with the most unaffordable real estate in 2024
US says it is still engaged with West African juntas
Opinion Piece: Accelerating sustainable development goals through better agricultural risk management
Zimbabwe is set to honor Russian victory with a monument
Top cross-border payment companies in Africa on recent global ranking
Studio Monkey in collaboration with Worldwide FM and Gilles Peterson launches initiative to support grassroot music communities
NexaScale marks one-year milestone with visionary initiatives empowering Africa's youth for the future of work