Behind the Money What Trump’s presidency means for banking
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Dec 11, 2024 
In this insightful discussion, Brooke Masters, the U.S. financial editor at the Financial Times, and Ortenca Aliaj, banking editor at FT, explore the implications of Donald Trump's potential second term on the banking sector. They analyze regulatory shifts, market reactions, and strategic adaptations of banks in the face of changing policies. The conversation touches on the unpredictability of Trump's governance, the future of Environmental, Social, and Governance standards, and emerging trends like the rise of private credit in finance.
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Banks' Positive Reaction to Trump's Election
- US banks welcomed Trump's election due to the expectation of deregulation.
- The Biden administration was perceived as heavy-handed, especially regarding bank mergers.
Dealmaking Outlook
- Ortenca Aliaj believes US bank acquisitions by European banks are unlikely.
- Smaller opportunistic acquisitions, particularly in wealth management, might occur.
Santander and TD Bank
- Santander uses US deposits to fund subprime car loans, potentially seeking community bank acquisitions.
- TD Bank, penalized under Biden, might seek expansion under Trump.