A representative for JPMorgan declined to comment.
The industry has good reason to worry about Warren’s ability to inflict pain. In 2016, she led calls to fire Wells Fargo & Co. CEO John Stumpf after the bank opened accounts without customer permission. Then she demanded the ouster of his successor, company veteran Tim Sloan, saying he couldn’t be trusted to clean up its scandals. After regulators signaled dissatisfaction with his progress, he stepped down in March, saying he didn’t want to be a distraction. The bank is seeking an outsider to take over.
Wall Street’s view of Warren has shifted throughout her political career.
Despite her steady criticism of the industry, Warren raised $625,025 from donors who work in the investment and securities firms for her 2012 senate campaign, according to data from the Center for Responsive Politics. Financiers were more comfortable with Democrats then, and probably saw her as less of a threat, said Jeffrey Berry, a political science professor at Tufts University. But that likely changed during her first term as she established herself as one of Capitol Hill’s fiercest critics of the industry.
For her 2018 re-election bid, she drew $387,417 from the sector. To be sure, some backers may have felt less inclined to contribute because she was fending off an underfunded and a much weaker opponent. Though she got $53,760 from the sector in the first quarter, it’s too early to project what she might raise for her presidential bid.
Over the years, her views have become more accepted, Berry said.
“There is an increasing sense among the highly educated that the system is out of whack in terms of income inequality and so people who work with money day in and day out are acutely aware of that,” he said. “Her indictment of income inequality and the role that Wall Street plays in that is becoming more mainstream.”
This article was provided by Bloomberg News.