“Typically thoughtful but provocative statement by Dennis Kelleher, one of the behind-the-scenes architects of the Dodd-Frank law and now head of the advocacy group Better Markets. Kelleher told Morning Exchange that U.S. banks’ dire first quarter results are a sign “that the banks haven’t won and that taxpayers are better off.”

“How so? Kelleher, who was in London to see folks, explained that one of the aims of Dodd-Frank, the mega-U.S. law passed after the financial crisis, was to shrink riskier activities such as “FICC,” trading in fixed income, currencies and commodities. The latest numbers by Goldman Sachs, Morgan Stanley and company (and their European brethren) show that FICC is being decimated, and traders are losing their jobs by the bucket-loads.”

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Read the full Politico Morning Exchange newsletter by Francesco Guerrera here.