REUTERS NEXT-US bank executives expect Trump to ease rules, fuel growth
4:13 pm Wednesday, December 11th, 2024
By Tatiana Bautzer and Nupur Anand
NEW YORK (Reuters) -President-elect Donald Trump is expected to adopt pro-growth policies that ease U.S. banking and credit card regulations while spurring deals, industry executives said on a panel at the Reuters NEXT conference in New York on Wednesday.
“I hope the new administration will use this as a point to do a reset,” Barclays U.S. consumer bank CEO Denny Nealon said at Reuters NEXT.
“There are some things, like the credit card competition act, that could destabilize the credit cards market and ultimately hurt the consumer,” he said, referring to rules from the Biden administration.
The new administration appears to be “more inclined towards deregulation,” said Akita Somani, U.S Bancorp head of inclusive growth strategy.
She expects new policies to “set up the industry for growth in terms of being more amenable to mergers and acquisitions and making that a real possibility,” Somani said, referring to the broader industry instead of her company specifically.
In the weeks since Trump’s election victory, bankers have become more bullish on deals.
Some predicted that friendly regulators will be installed atop key government agencies, sweeping away regulations regarded by some as onerous, but many said it was too early to tell what economic policies will be implemented by the incoming administration.
“I am quite optimistic that this administration is going to run a very, very pro-growth agenda,” Goldman Sachs CEO David Solomon said on Tuesday at Reuters NEXT.
To view the live broadcast of the World Stage go to the Reuters NEXT news page:
(Reporting by Tatiana Bautzer and Nupur Anand; Editing by Lananh Nguyen and Mark Porter)
