Trump contemplating breaking up of nation's biggest banks

US President Donald Trump dropped a bombshell saying that he is contemplating breaking up of major Wall Street banks, a pledge that he made during presidential campaign.

During an interview in the Oval Office, Donald said "I'm looking at that right now, there 's some people that want to go back to the old system, right? So we're going to look at that."New York Times reported .

Shares of banks dipped drastically as soon as the news broke. Trump's economic advisor Gary D. Cohn is working on to the methods for the revival of a Glass-Steagall type law, which separated commercial and investment banks but was repealed in 1999.

If Trump succeeds in implementing Glass-Steagall type law, it would be one thing for him to "do a big number."

Mr. Trump's chief complaint about Wall Street is that he doesn't think lenders are extending enough money."I have so many friends that had nice businesses. They can't borrow money," he said.

The theory of breaking up of the big banks would open business opportunities for smaller institutions .This move has been put on fast track now after Trump met with business executives in February at the White House. .