Trump says he's thinking about breaking up the big banks (GS, MS, JPM, C)

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May 1, 2017 6:06 PM

"I'm looking into that right now," Trump told Bloomberg about bringing back the "old system" that separated consumer lending and investment banking.

US President Donald Trump.

President Donald Trump said Monday he was contemplating breaking up the big Wall Street banks.

"I'm looking into that right now," he told Bloomberg about bringing back the "old system" that separated consumer lending and investment banking.

The move would revive a version of the repealed Glass-Steagall Act that

Stocks dipped after headlines from Trump's interview crossed. At 1:17 p.m. ET, the Dow was down 9 points, or 0.04%, at 20,931.37.

The financials sector of the S&P 500 also took a hit, as did shares of several big banks including Morgan Stanley, Citi, and Goldman Sachs.

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