The Wall Street Leaders Who Could Play a Role in Trump’s New Administration

The jockeying has begun to fill out President-elect Donald Trump’s cabinet.Credit…Doug Mills/The New York Times

Wall Street reads the Trump tea leaves

Before markets opened on Wednesday, Wall Street was scrambling to figure out what Donald Trump’s commanding win meant for business, including whom he would appoint and what they might do.

Here’s what Andrew and DealBook’s Lauren Hirsch have uncovered, including input from Kevin Warsh and Gary Cohn. (A caveat: It’s never clear how much influence anyone has with Trump at any given moment.)

How the second Trump administration might shape up: Lobbyists are already rushing to connect business executives with the Trump allies overseeing the transition. Heading that up are Linda McMahon, the former C.E.O. of World Wrestling Entertainment and a former Trump administration official, and Howard Lutnick, the C.E.O. of the brokerage Cantor Fitzgerald.

Another major figure is Warsh, a former Fed governor. He has a voice on positions dealing with finance and economics, DealBook hears. Wall Street and Washington have been speculating that Jay Clayton, the former S.E.C. chair, could be in line for Treasury secretary or attorney general. Two financiers who are also key Trump advisers, Scott Bessent and John Paulson, could also be up for Treasury. Bessent could also be in play for Fed chair, as could Warsh.

Another figure who has taken on an informal role is Cohn, Trump’s former top economic adviser, who has become a go-between for Wall Street and the president-elect, DealBook hears.

What could happen with deals: Corporate executives and rainmakers are wildly optimistic that the M.&A. business will open up under a second Trump administration. Expect more deals in industries including defense, energy and manufacturing.