Bankers seem to be encouraged by Donald Trump’s promises to cut banking regulations. In the March jobs report, finance was among the categories that outperformed with a 2.7% annualized increase from December. That is the quickest quarter-on-quarter growth since 2006.
Banking on Deregulation
The increase in hiring seems to apply to national growth not just growth on Wall Street. The combined factors of Trump’s deregulation promises along with increased overall profitability are contributing to this growth. Fourth quarter profits in 2016 were up 22% from the prior year.
The president hasn’t taken any action on his promises yet, and any major changes will likely be a battle in Congress resulting possibly in even more radical changes. So it may be premature for banks to get too excited just yet.
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