The Obama victory moves the financial industry to Plan B, according the New York Times Dealbook. "With the broad regulatory landscape unlikely to change, Wall Street expects to take aim at the law's most contentious rules, rather than attacking Dodd-Frank in its entirety,” writes the New York Times Dealbook.
The larger players in the industry may refocus efforts on minimizing the impact of the Volcker Rule implementation and whether these new rules would extend to American banks trading overseas.
Wall Street needs to strike a more conciliatory tone and “work now to recalibrate its relationship with the president and his administration,” said Tom Block, former head of government relations for JPMorgan Chase.
For the full piece see “With an Obama Victory, Wall Street Pivots to Plan B” (may require subscription).