That means Trump is losing the Wall Streeters fundraising race a little more than it was in 2016. During this cycle, former New York Senator Hillary Clinton and her groups raised $ 88 million from the securities and investment industry, while Trump only took 20 $ 8 million.
In some ways, Wall Street’s preference for Democrats makes sense over the last two presidential cycles. After all, many people who work in the industry live in deep blue cities like New York City, Boston, Chicago, and San Francisco.
“The bigger problem is where you live and where you work. It̵
In 2008, the securities industry donated $ 19 million to Barack Obama’s campaign, doubling the $ 10.4 million raised by Republican Senator John McCain, according to OpenSecrets.
Blue Wave fears on Wall Street
Yet the fact that Trump has been so much overtaken – by a bigger margin than Republicans in 2008 or 2016 – is surprising, given analysts warn that his opponent could be a nightmare for Wall Street.
Boutique investment bank Keefe, Bruyette & Woods (KBW) told customers Friday that the best scenario for large bank stocks is a Trump win with continued GOP scrutiny by the U.S. Senate. This would signal a continuation of light regulation and low taxes.
Worst-case scenario, according to the bank: a blue wave that puts Democrats in control of the White House and the US Senate, paving the way for higher corporate taxes, tax hikes for wealthy and tighter regulation of banks.
Let that take effect for a moment.
But all major banks support Biden
However, a CNN Business analysis of the OpenSecrets study shows that Biden beats Trump in fundraising from all of the major American banks – in some cases by a large margin.
But it’s not just Goldman Sachs whose staff have supported the Democrats in the past. (Former CEO of Goldman Sachs, Jon Corzine, later became the Democratic governor and U.S. Senator from New Jersey.)
Biden raised $ 275,200 at Bank of America compared to $ 164,911 at Trump.
Biden was seen as an ally of credit card companies
Compare that situation to 2012, when Wall Street sent $ 63.9 million to Mitt Romney, the GOP presidential candidate and former private equity manager, according to OpenSecrets. Obama raised only $ 19.4 million from industry during this cycle.
Sheila Krumholz, executive director of the Center for Responsive Politics, which runs OpenSecrets, said Wall Street could have some level of convenience with Biden. In addition to serving as Vice President for eight years, Biden represented Delaware, a state that is home to large credit card companies, for decades.
“Biden has been seen as a close friend of major credit card companies for many years. He certainly does not run from the left wing of the party,” said Krumholz.
In other words, if Sanders or Senator Elizabeth Warren were the Democratic nominee, the donation amounts could be very different.
It’s not just Wall Street berating Trump. The broader sector, which includes finance, insurance, and real estate, is also strong blue, sending $ 86.7 million to Biden and outside groups that support the Democrat. In contrast, Trump only received $ 50.4 million from the financial sector.
The donation totals suggest that many finance professionals have chosen to live with a Biden presidency, even though it could translate into lower paychecks.