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Goldman Sachs and Citigroup both beat earnings expectations thanks to post-election trading that's benefited banks across the board (see: JPMorgan and Bank of America). Goldman posted a 25% increase in revenue from its trading and securities business, which benefitted from greater volatility related to uncertainty over the new government's economic policies.

Goldman's upside: Goldman shares are up 32% since the presidential election; it may benefit from financial deregulation even more than some other banks, given that it still maintains a big trading business.

Citi's downside: Citi shares are up just 13% since election day. it may be more vulnerable to a backlash against globalization, as much of Citi's revenue comes from its international operations.

Go deeper

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.