Trump says he's thinking about breaking up the big banks

REUTERS/Carlos BarriaPresident Donald Trump said Monday he was contemplating breaking up the big Wall Street banks.

"I'm looking into that right now," he told Bloomberg about bringing back the "old system" that separated consumer lending and investment banking.

The move would the repealed Glass-Steagall Act that was passed in 1933, which required banks to separate commercial deposit banking from investment banking. While campaigning, Trump said he supported a 21st century version of the law.

Stocks fell after headlines from Trump's interview crossed. At 12:56 p.m. ET, the Dow was down 14 points, or 0.07%.

Shares of several big banks including Morgan Stanley, Citi, and Goldman also fell.

More to come ...

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