3-7-18 4:43 PM EST | Email Article

Banks, lenders and other financial companies ticked down as one of the architects of bank deregulation, former Goldman Sachs executive Gary Cohn, quit the Trump administration. Mr. Cohn's departure was also seen as increasing the risk of protectionist policy from the administration. That threatens to weigh on Treasury yields, hurting bank profitability. Still, the Trump administration may be given pause by the outcry from congressional Republicans and Mr. Cohn himself, according to one brokerage. "We view the public reactions of Cohn, select Republicans, corporates and sovereigns together with the equity selloff as acting as headwinds to protectionist momentum, particularly with midterm elections nine months away," said Keth Parker, chief U.S. equity strategist at Swiss bank UBS.

Rob Curran, rob.curran@dowjones.com


(END) Dow Jones Newswires

March 07, 2018 16:43 ET (21:43 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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