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Elon Musk's Department of Government Efficiency (DOGE) aims to cut $1 trillion in wasteful spending, facing mixed reactions as it scrutinizes government operations. Gary Cohn, former economic adviser, emphasizes the need to eliminate redundancy in regulatory bodies, suggesting a streamlined approach similar to international standards. He argues that multiple regulators often overlap in their consumer protection roles, indicating a need for consolidation.
Barclays has cut its 2025 S&P 500 price target to 5,900 from 6,600, citing tariffs and worsening economic data. The bank downgraded its outlook on Consumer Discretionary and Industrials sectors to Negative, while upgrading Financials to Positive due to potential deregulation. Concerns about a recession are rising, with JPMorgan estimating a 40% probability, as major companies report weak demand and consumer confidence falters.
Gary Cohn, former chief economic adviser to Donald Trump, emphasized the significance of selecting a Treasury secretary for the president-elect's second term. He stated that while the decision-making process may seem prolonged, it is crucial to ensure the right choice is made for this vital role.
Trading firms like Jane Street and Citadel Securities have surged ahead of traditional investment banks, capitalizing on electronic trading advancements and regulatory changes. With average employee pay at Jane Street exceeding $900,000 compared to Goldman Sachs' $340,000, these firms dominate markets, handling vast trading volumes and reshaping Wall Street's landscape. As they expand into various markets, they pose new regulatory challenges, highlighting a shift in the financial ecosystem where banks must adapt to a more competitive environment.
Gary Cohn
People
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