Legislation to overhaul financial regulation would affect some parts of the banking industry much more than others, according to The Politico. Analysts, industry insiders and observers said traditional banking giants, including JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, likely would be the most affected. However, a provision that would force major banks to spin off their derivatives-trading desk is expected to be watered down or dropped. That measure would hit Morgan Stanley, Goldman Sachs and others, and they could avoid a major blow without it, The Politico notes.
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