Barack Obama, the Democratic presidential hopeful, has assembled a powerful New York fundraising machine that is posing a challenge to New York Senator Hillary Clinton’s position as the dominant Democratic fundraiser on Wall Street.

Mr Obama has lined up several prominent financiers to raise cash for his presidential bid, including Eric Mindich, the former Goldman Sachs executive who founded Eton Park, the $4bn (€3bn, £2bn) hedge fund. This week Mr Obama raised money at a well-attended breakfast at Credit Suisse hosted by Steve Koch, a prominent Chicago banker.