Regional banks, Wall Street are opposed to Lincoln proposal

06/21/2010 | Wall Street Journal, The

Regional banks often disagree with Wall Street banks, but on the issue of forcing banks to split off their swaps operations, the two are on the same page. Fifth Third, SunTrust, BB&T, Key Corp. and other large regional banks sent a letter to lawmakers expressing their concerns about the proposal from Sen. Blanche Lincoln, D-Ark. Regional banks say the measure would hurt their ability to hedge their risks as well as those of their clients. Wall Street said the measure could lower profits by as much as 20%.

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