Investment-banking revenue at Morgan Stanley fell by more than a third in the first quarter.Listen to article
Wall Street’s latest deal-making boom began to weaken in 2022. The industry is bracing for the slowdown to drag into the second half of the year. The stimulus from governments and central bankers in response to the pandemic led to a swift recovery from a recession and ebullient capital markets. That recovery, coupled with changes in how customers and businesses operate, sent executives on a shopping spree for deals. A host of startups went public.
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Not lean times... the new normal. We've been living on govt. largesse for close to decades and it can't last forever.