Financial stocks may have pared back some of their big gains in recent days, but all signs are pointing to a positive outlook for the sector now that President Donald Trump is in office, former Wells Fargo CEO Dick Kovacevich told CNBC on Friday.
Trump was sworn in as the 45th president of the United States earlier in the day.
"He wants to significantly reduce unnecessary regulations, where the cost of the regulations is greater than the benefits. He wants to grow the economy at least at 3 percent, if not 4 percent. He wants to significantly reduce taxes," Kovacevich said.