Former President Donald Trump gathered Wall Street’s financial elite for a high-stakes dinner meeting this week, marking a significant shift in the historically lukewarm relationship between Trump and top banking executives. The private fundraising dinner, held at a luxury Manhattan venue, drew CEOs from major financial institutions who once kept their distance from the controversial former president.
According to three sources familiar with the event, attendees included top executives from Goldman Sachs, Blackstone, and several hedge fund managers who collectively control trillions in assets. The meeting signals a potential warming of relations between Trump and financial power brokers as the 2024 presidential race intensifies.
“This marks a notable evolution in Trump’s relationship with Wall Street,” explained Richard Henderson, senior banking analyst at Morgan Stanley. “During his first campaign and administration, many finance executives remained hesitant to publicly align with him despite supporting his tax and regulatory policies.”
The dinner reportedly raised over $10 million for Trump’s campaign coffers, with individual donations reaching the maximum federal contribution limits. Participants discussed economic policy, with particular focus on Trump’s proposals for additional corporate tax cuts and further deregulation of the financial sector.
The Federal Reserve’s interest rate policies and inflation concerns dominated conversation, according to one attendee who spoke on condition of anonymity. Trump reportedly criticized current monetary policy while promising a more “business-friendly” approach under a potential second administration.
This gathering comes as recent polls from Quinnipiac University show Trump’s economic messaging resonating with voters, with 51% of respondents believing the former president would handle the economy better than his opponents. His campaign has increasingly emphasized economic themes, particularly attacking the Biden administration on inflation and regulatory policy.
Wall Street’s apparent embrace of Trump represents a calculated bet on regulatory relief and favorable tax policies. During his first term, Trump delivered significant corporate tax cuts that boosted financial sector profits and stock valuations. The 2017 Tax Cuts and Jobs Act reduced the corporate tax rate from 35% to 21%, resulting in record profits for many financial institutions.
“The financial sector benefited substantially from Trump’s first-term policies,” noted Catherine Rampell, economic policy analyst at the Brookings Institution. “Despite his unpredictable governing style, his administration consistently delivered on deregulation and tax reform priorities important to Wall Street.”
However, the relationship hasn’t been without friction. Trump’s trade wars and tariff policies created market volatility that concerned many financial executives, while his rhetoric on immigration and social issues complicated their public support.
The guest list reflected a broader shift in Republican fundraising dynamics. Traditionally Democrat-leaning Wall Street has become increasingly bipartisan in its political giving, with financial executives hedging their bets across both parties. Data from the Center for Responsive Politics shows financial sector donations becoming more evenly distributed between parties over the past three election cycles.
Some attendees expressed concern about potential backlash from clients and shareholders in an increasingly polarized political environment. Several executives declined comment when contacted, while others downplayed the significance of their attendance as “standard industry practice” to maintain relationships across the political spectrum.
“Major financial institutions maintain dialogues with candidates from both parties,” explained Michael Feroli, chief U.S. economist at JPMorgan. “These dinners are as much about access and information-gathering as they are about political support.”
The Trump campaign framed the dinner as evidence of growing establishment support for the former president’s economic vision. “President Trump’s proven track record of creating prosperity for American businesses and workers is drawing support from economic leaders who recognize his unique ability to revitalize our economy,” a campaign spokesperson stated.
Critics argue the meeting demonstrates the financial industry’s prioritization of self-interest over broader economic concerns. “Wall Street executives are clearly betting that another Trump term would mean less oversight and more favorable treatment, regardless of the economic consequences for average Americans,” said Dennis Kelleher, president of Better Markets, a financial reform advocacy group.
As the 2024 race accelerates, this Trump Wall Street találkozó signals that despite past tensions, financial power brokers appear increasingly willing to align with Trump’s economic agenda. Whether this translates to sustained financial backing and public endorsements remains to be seen, but the dinner suggests the former president is making inroads with a sector that once viewed him with considerable skepticism.
For now, both Trump and Wall Street seem willing to set aside past differences in pursuit of mutual economic interests as the campaign enters its crucial phase.
