Trump rally swells net worth of Wall St. CEOs
It’s the best time ever to bea Wall Street chief executive.
The head honchos at the six biggest US banks have seen their collective wealth grow by about$274.57 million since Nov. 8 — as investors bet that the incoming Trump administration will gut major parts of Obama-era financial regulation and the Federal Reserve continues to raise interest rates.
And like the divide between haves and have-nots in the US, most of those gains are concentrated between two people: Goldman Sachs CEO Lloyd Blank fe in and JPMorgan Chase CEO Jamie Dimon.
“He’s a very smart guy, a businessman,” Blankfein, who supported Democratic candidate Hillary Clinton during the general election, told a German magazine about Trump earlier this month. “I am not pessimistic at all because he won.”
Blankfein, 62, has seen the value of his Goldman shares swell by $138.7 million, or 33.6 percent, since Trump’s win.
That’s more than six times his total 2015 compensation.
His total Goldman stock holdings are now worth more than $551.7 million.
Dimon, 60, saw his JPM shares grow in value by 22.8 percent, or $110 million, since Nov. 8. That’s four times his total 2015 pay.
Elsewhere on Wall Street:
Morgan Stanley’s James Gorman — who sold $7.08 million of shares of the bank for the first time ever on Nov. 30 — has made about $7 million onhis total holdings.
Bank of America’s Brian Moynihan — who has the smallest total holdings in his bank compared with the ma- jor CEOs, saw his shares gain in value by $6.9 million.
Tim Sloan, who just took over the embattled Wells Fargo in October from predecessor John Stumpf, saw his stock rise in value by$6.5 million.
And Michael Corbat, the Citigroup CEO with $30.8 million in the company’s holdings, gained $5.3 million.
It isn’t clear what banking regulations the Trump administration will roll back.
Earlier this week, he named former Goldman President Gary Cohn as director of the National Economic Council, which is instrumental in shaping financial policy.
“I do think that part of the regulation we’ve gone through has inhibited our ability to transmit that capital,” Cohn told CNBC earlier this year.