The great-man theory of Wall Street
A t this time of year, as they await their Christmas bonuses, people on Wall Street ponder their worth. Two questions can sharpen the mind of even the most senior employee. Imagine first accepting a position in Donald Trump’s new administration. How great a financial loss would your employer suffer? Before Mr Trump picked Scott Bessent as his treasury secretary, two of America’s biggest financial institutions weighed that question. Analysts quizzed Jamie Dimon, the boss of JPMorgan Chase, about whether he would leave the bank for public office. Shareholders of Apollo worried about a future without Marc Rowan, who has transformed the investment firm in recent years.
Demographics and geopolitics will make a recovery harder
An unanticipated side-effect of Donald Trump’s election victory
An enormous rise in disability payments may complicate debt-reduction efforts
Nobody is to blame. Everyone suffers
Canada and Mexico look likely to suffer
With deficits soaring, their finance ministers will have to be smart
https://www.economist.com/finance-and-economics/2024/11/28/the-great-man-theory-of-wall-streetA source: www.economist.com/finance-and-economics/2024/11/28/the-great-man-theory-of-wall-street
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