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Tags: 2020 Elections | Donald Trump | Joe Biden | bankers | donations | goldman sachs | jpmorgan

Bankers Back Biden Despite Gains Under Trump

biden in a navy blue suit and patterned blue and yellow tie
Joe Biden (Mark Makela/Getty Images)

By    |   Tuesday, 11 August 2020 10:38 AM

Former Vice President Joe Biden has raked in almost $1 million from executives and employees at some of the largest banks in the country, far outpacing President Donald Trump, despite banks seeing record profits during his term, Politico reports.

Biden has accumulated $907,216 from donors affiliated with six of the largest banks: JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley. Trump has racked up only $293,434 from executives and employees at these lenders.

"These contributions speak to the deep unease Democrats and many independents have with national policy on personal priorities such as equality, civility and constitutionality," said Karen Petrou, a managing partner at Federal Financial Analytics. She added that bankers are "expressing themselves as well as their company’s priorities when they make contributions."

Politico notes that Biden, who has avoided criticizing banks as harshly as some of his former rivals like Sen. Elizabeth Warren, D-Mass., has taken contributions from several major bank executives, including Goldman Sachs CFO Stephen Scherr and JPMorgan general counsel Stacey Friedman.

Ian Katz, the director of Capital Alpha Partners, told Politico that “there's also the possibility that while bankers prefer Trump on matters affecting their industry, they may prefer Biden on most other things. If that's the case, they could lean toward Biden because they prefer him on most matters, and while he may be less friendly than Trump is to banks, they don't think he'll be dangerously unfriendly. So when they take everything into account, they may lean toward Biden.”

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Politics
Former Vice President Joe Biden has raked in almost $1 million from executives and employees at some of the largest banks in the country, far outpacing President Donald Trump, despite banks seeing record profits during his term, Politico reports. Biden has accumulated $907,216 from...
bankers, donations, goldman sachs, jpmorgan
251
2020-38-11
Tuesday, 11 August 2020 10:38 AM
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