Pursuits
Cohn Backs Wall Street Split of Lending, Investment Banks
- Trump adviser supports split of lending and investment banking
- Senators asked his views on Glass-Steagall in private meeting
Gary Cohn Looks to Wall Street's Glass-Steagall Past
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In a private meeting with lawmakers, White House economic adviser Gary Cohn said he supports a policy that could radically reshape Wall Street’s biggest firms by separating their consumer-lending businesses from their investment banks, said people with direct knowledge of the matter.
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.