Despite concerns around Donald Trump’s controversial views and actions, his possible nomination as the Republican presidential candidate and potential victory in November has not deterred many Wall Street executives. In fact, some have even expressed support for him over the Democratic nominee, Joe Biden.
According to sources familiar with the matter, many on Wall Street had initially held onto the belief that Trump would not receive the nomination, causing them to enter a state of denial. However, with Trump’s growing momentum, these executives are now coming to terms with the likelihood that he may be victorious.
“It’s painful for me to admit this, but Wall Street is basically nonchalant to this election,” said Anthony Scaramucci, a former Trump communications director and long-time Wall Street executive.
Despite Trump’s controversial statements and policies, some Wall Street executives view him as being “benign to somewhat beneficial to the economy and business,” according to Scaramucci.
Moreover, some of Trump’s policies, such as tax cuts and deregulation, have been seen as favorable for the financial sector. However, his stance on issues such as trade, immigration and foreign relations have caused concern among some on Wall Street.
The financial industry is yet to throw its weight behind either candidate, with donations being split evenly between the two campaigns. However, some Republican donors have given millions to pro-Trump groups.
While polls suggest Trump has only a slight lead over Biden, this is of concern to many on Wall Street who fear the potential impact his policies could have on the economy and the stability of the markets.
