Bankers favor Trump, predict Harris win in 2024 election: Survey

October 24, 2024
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Bankers favor Trump, predict Harris win in 2024 election: Survey

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A recent survey conducted by American Banker presents a surprising contrast in the U.S. banking industry. While a majority of bankers personally support Donald Trump for the 2024 presidential election, many predict Vice President Kamala Harris will ultimately win the race.

The study shows that Trump is favored due to his previous administration’s pro-business policies, particularly his stance on deregulation and his impact on the financial sector. 

"Trump’s policies were beneficial for us," noted one executive, reflecting the sentiment that his approach was favorable to banking.

However, despite their preference for Trump, most respondents expect Harris to claim victory. Many believe that broader political and social factors, including shifts in the electorate, give Harris an edge. 

Key to this forecast is Harris’ support from younger voters, urban populations, and minority groups—segments seen as crucial in determining the 2024 outcome.

Bankers also voiced concerns about what a Harris administration could mean for their industry. 

Several pointed to the likelihood of increased regulation, particularly around issues of financial oversight, but conceded that the political climate may be moving in a direction that benefits Harris.

The findings provide a window into the pragmatic mindset of industry leaders. While their support for Trump is clear, they are hedging their bets on a political shift, preparing for the possibility of more regulatory challenges ahead. 

With the election still weeks away, the study offers a snapshot of an industry trying to balance personal preferences with what they perceive as political reality.

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