Jan 18, 2017

Goldman, Citi boosted by Trump trading

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.

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Trump hits back at Mattis: "I gave him a new life"

President Trump speaks at the White House. Photo: Doug Mills - Pool/Getty Images

President Trump unloaded on his former defense secretary via Twitter on Wednesday, hours after James Mattis condemned him for making a "mockery of our Constitution" in his response to mass protests in the wake of George Floyd's killing.

What he's saying: "Probably the only thing Barack Obama & I have in common is that we both had the honor of firing Jim Mattis, the world’s most overrated General. I asked for his letter of resignation, & felt great about it. His nickname was 'Chaos', which I didn’t like, & changed it to 'Mad Dog'"

Obama praises young protesters, urges mayors to pursue police reforms

Former President Barack Obama called on all mayors to review their use-of-force policies and commit to policing reform in a virtual town hall Wednesday hosted by the Obama Foundation's My Brothers Keepers Alliance.

Why it matters: Obama has addressed the killing of George Floyd and the nationwide protests that followed on social media and in a Medium post, but this was his first time speaking about the past week's events on camera. His voice will add weight to the growing pressure on local, state and federal officials to pursue policing reforms.

James Mattis condemns Trump as a threat to the Constitution

Mattis on Fox in Septemnber 2019 in New York City. Photo: Steven Ferdman/Getty Images

Former Secretary of Defense James Mattis condemned President Trump for making a "mockery of our Constitution" in a statement to The Atlantic on Wednesday, saying he was "appalled" at the president's response to mass protests in the wake of George Floyd's killing.

Why it matters: Trump’s former defense secretary had refrained from publicly criticizing his former boss since resigning in 2018.