NEW YORK (TheStreet) -- Investors didn't want to own bank stocks in the "unclear environment" before the presidential election took place last Tuesday, but that's changed now that we know Donald Trump is the next president, Goldman Sachs (GS) President Gary Cohn said on CNBC's "Halftime Report" on Tuesday afternoon.
"We all understood that people were looking to own assets that they felt were protected in an unclear environment," Cohn noted. "As we're starting to create more clarity or perceive more clarity, people are starting to migrate toward those asset classes that they think may benefit in more clarity. Banks are one of those."
In this more transparent environment, investors are beginning to move money out of technology names and into bank, drug and industrial names, but time will tell how things settle, he said. "The truth is we're going to have to wait and see to what we actually end up with and what we get in the future."
Cohn is "excited" about the bank's future, he said. "As we get greater transparency and greater clarity of what the environment is going to look like, what the economy is going to look like, and what's going on in the global world, our clients are going to be more propelled to do different things."
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