New York (CNN) Chuck Schumer is set to get a big promotion -- and that's welcome news to Wall Street.

The veteran Democratic senator from New York is widely expected to take Senate Minority Leader Harry Reid's job when he retires at the end of 2016. Reid, who announced he would not be running for reelection Friday morning, quickly endorsed his New York colleague for the role.

Schumer's ascension to the top Democratic position in the Senate -- and even possibly to Senate majority leader if his party regains control of the chamber -- is a boon for the finance and business communities, which have worked closely with the New York native and enjoyed his support for decades. It also puts an industry ally in charge of the Democratic caucus as the party's economic populists, including Massachusetts Sen. Elizabeth Warren and Ohio Sen. Sherrod Brown, have grown increasingly vocal.

JUST WATCHED Senator Harry Reid won't seek re-election Replay More Videos ... MUST WATCH Senator Harry Reid won't seek re-election 01:47

Former Republican New Hampshire Sen. Judd Gregg, who recently served as the head of the Securities Industry and Financial Markets Association, said Schumer "knows everybody in the financial community, as it's based in New York, on a first-name basis."

"It'll be a big plus to have somebody like that if he ends up being Democratic leader," Gregg said. "He may not agree with you, but at least you're going to get a fair hearing and he's going to understand what you're talking about."

Read More