Ever since Donald Trump won the presidency, shares of bank stocks have been surging, lining the pockets of their CEOs to the tune of $159 million.
That’s according to a calculation by Forbes, which found that Jamie Dimon, the head of JPMorgan, got the largest windfall from the bank rally last week, with his holdings increasing $69.8 million since Trump won the election. Dimon benefited from reports that Trump was considering him for the role of Treasury Secretary when he is sworn in this coming January.
Coming in second was Goldman Sachs Chief Executive Lloyd Blankfein, who has seen his stock and options increase $63.9 million, with shares gaining 10 percent since Trump won. Meanwhile, James Gorman, CEO of Morgan Stanley, has seen his fortune rise $10.4 million. Even embattled Wells Fargo got a boost this week with its new CEO, Tim Sloan, increasing his own coffers by $8.3 million. Bank of America CEO Brian Moynihan saw his fortunes increase $5.4 million, while Citigroup CEO Michael Corbat’s holdings increased $1.3 million.
According to the report, the lift in shares of the bank stocks comes as Wall Street is betting Trump will pass big infrastructure and defense spending bills that could kick up economic growth. Also helping is the steepening of the yield curve with the spread between the two- and 10-year Treasury note steepening 25 basis points since Election Day.
Earlier this week, CNBC, which cited two people familiar with the matter, reported advisers of Trump have suggested Dimon for the next Treasury Secretary. CNBC noted that one source said Dimon would not want to take on the job. CNBC noted that Dimon has said over and over that he wouldn’t want to become Treasury Secretary. CNBC said it’s not clear which advisor is urging Trump to consider Dimon. The report pointed out that Steven Mnuchin, formerly of Goldman Sachs, is seen as the leading person for the job.
Separately, The Wall Street Journal, citing people familiar with the matter, reported Trump’s advisers are also looking at Rep. Jeb Hensarling (R-TX) as a potential pick for the Treasury Secretary job. According to WSJ, Hensarling has a free market background and lots of ties to Republicans. Hensarling is the chairman of the House Financial Services Committee and has gone after Republican-favored priorities, like getting rid of the 2010 Dodd-Frank law.