The election of Donald Trump has sparked several happy prophecies from American bankers who announce a return to trading after a steady decline throughout the Biden presidency, benefiting from an expected easing of regulations and a rate environment of lower interest.

Still, The Banker’s conversations with bankers and analysts offer a more nuanced picture of what Trump’s return means for the industry. While the immediate outlook for U.S. banks is certainly more optimistic, the long-term prognosis is harder to pin down, particularly for European and foreign lenders.