Wall Street’s deal-making boom begins to sputter

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 this week reported double-digit first-quarter earnings declines, ranging from an 11% decline at Morgan Stanley to a 46% decline at Citigroup Inc. These banks, along with Goldman Sachs Group Inc., JPMorgan Chase & Co. and Wells Fargo & Co. also all reported lower earnings. Wall Street’s deal-making boom begins to sputter

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