Bloomberg

Wall Street torn on whether a Biden win brings joy or misery

Former Vice President Joe Biden, presumptive Democratic presidential nominee. Photo: Andrew Harrer/Bloomberg.

As President Donald Trump's poll numbers continue to sink, Wall Street is starting to envision Washington under Joe Biden -- a scenario that many executives say they welcome. But to some pessimists, the upbeat view underestimates the rising influence of progressive Democrats who are demanding a clampdown on banks, hedge funds and private-equity firms.

Those with the rosier outlook point to Biden's mostly pro-business inner circle, his significant campaign contributions from the financial industry and his longtime support of credit card companies located in his home state of Delaware. Plus, a Biden victory would likely be driven by U.S. voters seeking change because they believe the country is a mess. Wall Street thinks it has a strong argument to make that reining in lenders would be a fatal mistake when unemployment is sky-high and the economy remains ravaged by the coronavirus pandemic...

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