Donald Trump has reclaimed the White House after a divisive campaign that defied polls and criminal charges. Kamala Harris conceded but vowed to continue her "fight for freedom and dignity." Trump’s win represents a strong shift in voter sentiment, with Americans prioritizing economic and border security concerns. Harris consoled her supporters, calling for resilience while refusing to align with Trump’s vision. Biden plans to address the nation on Thursday. Trump, along with Vice President-elect JD Vance, aims to take office on January 20 with promises of sweeping changes, including firing civil servants he deems disloyal and possibly replacing regulatory heads. He has tapped prominent figures, such as Elon Musk and Robert F. Kennedy Jr., for administration roles. Trump's Electoral College win was bolstered by strong support across at least five battleground states. His victory also secured a Republican majority in both the Senate and House , easing the way for h
Shares of major US banks, including Goldman Sachs, JPMorgan, and Citigroup, soared after Donald Trump’s election win, with investors optimistic about tax cuts and deregulation under his administration. Trump has pledged to reduce the corporate tax rate from 21% to as low as 15% and eliminate excessive regulations—a contrast to Kamala Harris’s tax-raising plans.
Goldman Sachs rose 13%, with JPMorgan up 12% and Citigroup up 8%, hitting multi-year highs. An ETF tracking major bank stocks also saw its best rise in four years. Analysts predict a friendlier regulatory environment that could lift bank profitability, particularly through increased dealmaking and capital markets activity.
Trump’s return could also disrupt the Basel capital rules, with speculation that he may reduce capital requirements for US banks, according to Bloomberg Intelligence. Wells Fargo’s Mike Mayo noted this could lead to a “capital markets super-cycle” as deal activity rises.
On the global front, European banks responded with mixed results. Barclays gained 5.3% on expectations of positive outcomes from US ties, while Banco Bilbao Vizcaya Argentaria SA (BBVA) dropped 7.1% amid concerns over US tariff implications for Mexico.
European bank Raiffeisen Bank International AG rose 10.7% as investors speculated on a possible de-escalation in Russia-Ukraine tensions under Trump’s leadership, which may benefit banks with Russian exposure.
Analysts at Pictet Wealth Management suggest this election outcome favors US equities, especially financials and cash-rich firms, positioning them as likely winners in the near term.
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