Cohn backs policy that forces banks to rethink how they do business: sources

Washington

IN a private meeting with lawmakers, White House Economic Adviser Gary Cohn said he supports a policy that could radically reshape Wall Street's biggest firms by separating their consumer-lending businesses from their investment banks, said people with direct knowledge of the matter.

Mr Cohn, the former Goldman Sachs Group Inc executive who is now advising President Donald Trump, said that he generally favours banking going back to how it was when firms such as Goldman focused on trading and underwriting securities, and companies such as Citigroup Inc primarily issued loans, according to the people, who heard his comments.