'I don't know how you couldn't be embarrassed': Wall Street is rethinking its Trump bet [View all]
(Business Insider)-snip- "I don't know how you couldn't be embarrassed," a managing director at a middle market-focused investment bank told BI.
They were talking about the many soothsayers in Wall Street's C-suites who had bet that the new administration would revive a comatose dealmaking market. Things haven't quite worked out that way.
Goldman Sachs said that the paralyzed deal market dragged revenue from deal work down 22% in the first quarter, compared with the same period last year.
On every bank's Q1 earnings calls in recent days, one person loomed large: President Donald Trump.
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