Wall Street’s Deal-Making Boom Starts to Sputter Out

Wall Street was expected to return to normal in 2022 after the pandemic sent it on a wild ride two years ago. It didn’t.

Major U.S. banks reported double-digit drops in first-quarter profit this week, from an 11% decline at Morgan Stanley to a 46% drop at Citigroup Inc. Those banks, along with Goldman Sachs Group Inc., JPMorgan Chase & Co. and Wells Fargo & Co., all reported lower revenue as well.

Source: WSJ