One likely consequence of the turmoil is that banks tighten their lending standards, which could further hinder dealmaking - making the prospects for jobs and compensation on Wall Street more gloomy.
Bankers are also more cautious about future U.S. economic growth as the housing market slows due to higher interest rates curbing demand for mortgages. U.S. consumers are starting to fall behind on credit cards and auto loans in greater numbers, even though delinquencies are still low by historic standards.
The banking crisis will further squeeze the industry "if it creates a credit crunch and hinders dealmaking," Rahul Jain, deputy comptroller for New York, whose office collects taxes from Wall Street for state coffers, told Reuters.
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