ML-Implode News - Trump Advisor Backs Wall Street Split of Lending, Investment Banks

Cohn, the ex-Goldman Sachs Group Inc. executive who is now advising President Donald Trump, said he generally favors banking going back to how it was when firms like Goldman focused on trading and underwriting securities, and companies such as Citigroup Inc. primarily issued loans, according to the people, who heard his comments.
The remarks surprised some senators and congressional aides who attended the Wednesday meeting, as they didn't expect a former top Wall Street executive to speak favorably of proposals that would force banks to dramatically rethink how they do business.
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Bob Doll, chief equity strategist at Nuveen, said separating banks' business lines now makes little sense, because regulation has increased substantially since the 2008 financial crisis on everything from mortgage lending to derivatives.

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Trump Advisor Backs Wall Street Split of Lending, Investment Banks