Wall Street’s Strategic Discussions

President Biden’s support is waning, causing concern among his Wall Street backers. As some leading Democrats suggest privately that Biden should withdraw from the presidential race, high-profile supporters on Wall Street engaged in debates over the holiday weekend to determine their next steps.

The group, which includes Larry Fink from BlackRock, former Treasury Secretary Robert Rubin, Jon Gray from Blackstone, Peter Orszag from Lazard, Blair Effron from Centerview Partners, and Robert Wolf, a former UBS executive with close ties to Barack Obama, deliberated with friends and colleagues about whether to continue supporting Biden or advocate for his withdrawal, according to sources familiar with the discussions.

Wall Street’s Distinct Approach

Unlike Hollywood, where several media moguls have publicly called for Biden to step aside, including Reed Hastings of Netflix, Barry Diller of IAC, director Rob Reiner, and media heiress Abigail Disney, Wall Street is taking a more discreet approach. Many financial donors aim to preserve their influence within the Democratic Party, leading to a different perspective on handling the situation.

Insights from Wall Street: A CEO noted to DealBook that Biden stepping aside seemed “inevitable,” framing it as a strategic decision surrounding timing and positioning. Various executives expressed their concerns about the current situation.

Strategic Planning by Donors

Wall Street donors are evaluating different scenarios and discussing potential graceful exits for Biden to protect his reputation while ensuring a smooth transition.

• Some donors have considered tactful ways for Biden to step aside, emphasizing the importance of preserving his legacy.