\n<\/p>\n
Stay informed with free updates<\/p>\n
Simply sign up to the Investment Banking myFT Digest — delivered directly to your inbox.<\/span><\/p>\n<\/iframe><\/div>\n<div id=\"article-body\">\n<p>Wall Street executives are counting on their traders to offset tepid deal fees this quarter, after Donald Trump\u2019s trade war threats made markets gyrate.<\/p>\n<p>Senior bankers say the market swings prompted by the US president\u2019s \u201cliberation day\u201d declaration of higher <a href=\"https:\/\/www.ft.com\/trump-tariffs\" data-trackable=\"link\">tariffs<\/a> led to a flurry of buying and selling by investors, even as corporate boardrooms put deals on ice.<\/p>\n<p>\u201cTrading continues to be helped by volatility, with equity trading likely to continue to outperform fixed-income trading,\u201d said Mike Mayo, a banking industry analyst at Wells Fargo. \u201cInvestment banking is likely to decline year-over-year given continued uncertainty around policy.\u201d<\/p>\n<p>Bank executives appear confident that the record income from equities trading that juiced first-quarter results will be followed by another solid performance in the second quarter. <\/p>\n<p>\u201cWith the S&P grinding higher, the wall of worry being climbed, the sense that perhaps the outlooks are in fact improving again, the markets businesses \u2014 led by our equities business but also the stability of fixed income \u2014 have hung in there,\u201d Morgan Stanley chief executive Ted Pick said at his bank\u2019s financial conference in New York last week.\u00a0<\/p>\n<p>The continued surge in <a href=\"https:\/\/www.ft.com\/us-equities\" data-trackable=\"link\">equity<\/a> trading is expected to be partly offset by slower growth in revenue from desks that trade fixed income, foreign exchange and commodities.<\/p>\n<p>John Waldron, president and chief operating officer at Goldman Sachs, hinted the bank had been stung by tariff-induced volatility by revealing this month it had \u201cmoderated our risk positioning\u201d.\u00a0<\/p>\n<p>Goldman\u2019s fixed-income trading had been \u201cslightly softer\u201d but overall client activity \u201cremained robust pretty much throughout the year\u2009.\u2009.\u2009.\u2009particularly in equities\u201d, he said.<\/p>\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A842e9280-2a89-4e0e-8b9f-19834569e697?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A842e9280-2a89-4e0e-8b9f-19834569e697?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A842e9280-2a89-4e0e-8b9f-19834569e697?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A842e9280-2a89-4e0e-8b9f-19834569e697?source=next-article&fit=scale-down&quality=highest&width=700&dpr=4 4x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A842e9280-2a89-4e0e-8b9f-19834569e697?source=next-article&fit=scale-down&quality=highest&width=700&dpr=5 5x\" width=\"3500\" height=\"2500\"\/><source media=\"(max-width: 490px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A58c75c26-cf79-4d03-bfe4-cebc5f2bee49?source=next-article&fit=scale-down&quality=highest&width=490&dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A58c75c26-cf79-4d03-bfe4-cebc5f2bee49?source=next-article&fit=scale-down&quality=highest&width=490&dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A58c75c26-cf79-4d03-bfe4-cebc5f2bee49?source=next-article&fit=scale-down&quality=highest&width=490&dpr=3 3x\" width=\"1500\" height=\"2000\"\/><\/picture><\/figure>\n<p>Wall Street banks are also braced for a drop in fees from advising companies on <a href=\"https:\/\/www.ft.com\/mergers-acquisitions\" data-trackable=\"link\">mergers and acquisitions<\/a>, share and debt sales, and IPOs, due to a reluctance to launch big deals without more clarity on US trade policy.<\/p>\n<p>Bank of America chief executive Brian Moynihan confirmed the gloomy outlook last week, saying he expected its investment banking revenue to be down about 25 per cent in the quarter from last year, adding that this was \u201cnot where we want to be\u201d.<\/p>\n<p>But Moynihan said it would be offset by mid-to-high single-digit percentage growth in trading revenues at BofA\u2019s markets business.<\/p>\n<p>Troy Rohrbaugh, co-head of JPMorgan Chase\u2019s commercial and investment bank, made a similar prediction: steady growth in markets offset by a mid-teens percentage drop in investment banking fees.<\/p>\n<p>Deutsche Bank CEO Christian Sewing also bemoaned how a flurry of delayed deals meant investment banking income would be \u201cweaker than we initially thought\u201d. Deutsche\u2019s fixed-income traders, however, had bounced back from a \u201crough start\u201d to April, he said.<\/p>\n<p>Citigroup\u2019s head of banking, Vis Raghavan, said last week the group expected year-on-year growth in both its markets and investment banking revenues.<\/p>\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A698b481a-f3f8-447a-8c86-6337b3e9cf42?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A698b481a-f3f8-447a-8c86-6337b3e9cf42?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A698b481a-f3f8-447a-8c86-6337b3e9cf42?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A698b481a-f3f8-447a-8c86-6337b3e9cf42?source=next-article&fit=scale-down&quality=highest&width=700&dpr=4 4x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A698b481a-f3f8-447a-8c86-6337b3e9cf42?source=next-article&fit=scale-down&quality=highest&width=700&dpr=5 5x\" width=\"3500\" height=\"2500\"\/><source media=\"(max-width: 490px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A80b6602a-7248-485f-b9ed-9713f637113b?source=next-article&fit=scale-down&quality=highest&width=490&dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A80b6602a-7248-485f-b9ed-9713f637113b?source=next-article&fit=scale-down&quality=highest&width=490&dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A80b6602a-7248-485f-b9ed-9713f637113b?source=next-article&fit=scale-down&quality=highest&width=490&dpr=3 3x\" width=\"1500\" height=\"2000\"\/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd6c748xw2pzm8.cloudfront.net%2Fprod%2F2f0091d0-4852-11f0-9c79-edbecfff6129-standard.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\" alt=\"Column chart of showing The value of companies going public is down for a fourth year in a row\" data-image-type=\"graphic\" width=\"3500\" height=\"2500\" loading=\"lazy\"\/><\/picture><\/figure>\n<p>With only two weeks to go before the end of June, the value of M&A announced so far in the quarter is up 21 per cent, according to LSEG. However, there is a lag between deals being announced and advisers earning fees when they close, and the number of deals is still down 22 per cent. The value and number of initial public offerings are both down more than 10 per cent. <\/p>\n<p>Wall Street executives have, however, been encouraged by a number of strongly performing IPOs \u2014 US fintech Chime\u2019s <a href=\"https:\/\/www.ft.com\/content\/57b7d9a2-9ec2-430c-a4de-e901e78fd2d3\" data-trackable=\"link\">debut on Thursday<\/a> was the latest. There have also been a flurry of acquisitions in recent weeks, fuelling optimism about a build-up of transactions waiting to be unleashed.\u00a0<\/p>\n<p>Morgan Stanley\u2019s Pick said he was \u201cencouraged\u201d by the pick-up in deals, adding: \u201cI do think the corporate boardroom around the world is saying we do need to act.\u201d<\/p>\n<aside aria-labelledby=\"aside-label\" class=\"n-content-recommended--single-story n-content-recommended--inset\" data-component=\"recommended\">\n<p class=\"n-content-recommended__title o3-type-body-highlight\">Recommended<\/p>\n<div class=\"o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--has-image js-teaser\" data-id=\"12f7082e-8bfa-4390-a86f-ac37e22b9483\">\n<div class=\"o-teaser__image-container js-teaser-image-container\"><a href=\"https:\/\/www.ft.com\/content\/12f7082e-8bfa-4390-a86f-ac37e22b9483\" data-trackable=\"image-link\" data-trackable-context-story-link=\"image-link\" tabindex=\"-1\" aria-hidden=\"true\"><\/p>\n<div class=\"o-teaser__image-placeholder\" style=\"aspect-ratio:2290\/1288\"><img decoding=\"async\" class=\"o-teaser__image\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252Fcc7dcba9-1e68-4224-85eb-50b6ef016a25.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&fit=scale-down&dpr=2&width=240\" alt=\"John Waldron\"\/><\/div>\n<p><\/a><\/div>\n<\/div>\n<\/aside>\n<p>Raghavan at Citi noted IPOs in tech and digital assets had done well thanks to the sector\u2019s relative lack of exposure to potential tariff shocks, though it was more challenging to price companies potentially impacted by protectionist measures.<\/p>\n<p>Goldman\u2019s Waldron also said the bank was set to be busier this summer \u2014 \u201cas long as we don\u2019t have any more exogenous shocks, or more disruptive policy, which is maybe a big if\u201d.<\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/d350da60-36ce-474e-a019-4f648cb145eb\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Stay informed with free updates Simply sign up to the Investment Banking myFT Digest — delivered directly to…\n","protected":false},"author":5,"featured_media":31078,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-31077","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/31077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31077"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/31077\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/31078"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/iframe><\/div>\n<div id=\"article-body\">\n<p>Wall Street executives are counting on their traders to offset tepid deal fees this quarter, after Donald Trump\u2019s trade war threats made markets gyrate.<\/p>\n<p>Senior bankers say the market swings prompted by the US president\u2019s \u201cliberation day\u201d declaration of higher <a href=\"https:\/\/www.ft.com\/trump-tariffs\" data-trackable=\"link\">tariffs<\/a> led to a flurry of buying and selling by investors, even as corporate boardrooms put deals on ice.<\/p>\n<p>\u201cTrading continues to be helped by volatility, with equity trading likely to continue to outperform fixed-income trading,\u201d said Mike Mayo, a banking industry analyst at Wells Fargo. \u201cInvestment banking is likely to decline year-over-year given continued uncertainty around policy.\u201d<\/p>\n<p>Bank executives appear confident that the record income from equities trading that juiced first-quarter results will be followed by another solid performance in the second quarter. <\/p>\n<p>\u201cWith the S&P grinding higher, the wall of worry being climbed, the sense that perhaps the outlooks are in fact improving again, the markets businesses \u2014 led by our equities business but also the stability of fixed income \u2014 have hung in there,\u201d Morgan Stanley chief executive Ted Pick said at his bank\u2019s financial conference in New York last week.\u00a0<\/p>\n<p>The continued surge in <a href=\"https:\/\/www.ft.com\/us-equities\" data-trackable=\"link\">equity<\/a> trading is expected to be partly offset by slower growth in revenue from desks that trade fixed income, foreign exchange and commodities.<\/p>\n<p>John Waldron, president and chief operating officer at Goldman Sachs, hinted the bank had been stung by tariff-induced volatility by revealing this month it had \u201cmoderated our risk positioning\u201d.\u00a0<\/p>\n<p>Goldman\u2019s fixed-income trading had been \u201cslightly softer\u201d but overall client activity \u201cremained robust pretty much throughout the year\u2009.\u2009.\u2009.\u2009particularly in equities\u201d, he said.<\/p>\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A842e9280-2a89-4e0e-8b9f-19834569e697?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A842e9280-2a89-4e0e-8b9f-19834569e697?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A842e9280-2a89-4e0e-8b9f-19834569e697?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A842e9280-2a89-4e0e-8b9f-19834569e697?source=next-article&fit=scale-down&quality=highest&width=700&dpr=4 4x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A842e9280-2a89-4e0e-8b9f-19834569e697?source=next-article&fit=scale-down&quality=highest&width=700&dpr=5 5x\" width=\"3500\" height=\"2500\"\/><source media=\"(max-width: 490px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A58c75c26-cf79-4d03-bfe4-cebc5f2bee49?source=next-article&fit=scale-down&quality=highest&width=490&dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A58c75c26-cf79-4d03-bfe4-cebc5f2bee49?source=next-article&fit=scale-down&quality=highest&width=490&dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A58c75c26-cf79-4d03-bfe4-cebc5f2bee49?source=next-article&fit=scale-down&quality=highest&width=490&dpr=3 3x\" width=\"1500\" height=\"2000\"\/><\/picture><\/figure>\n<p>Wall Street banks are also braced for a drop in fees from advising companies on <a href=\"https:\/\/www.ft.com\/mergers-acquisitions\" data-trackable=\"link\">mergers and acquisitions<\/a>, share and debt sales, and IPOs, due to a reluctance to launch big deals without more clarity on US trade policy.<\/p>\n<p>Bank of America chief executive Brian Moynihan confirmed the gloomy outlook last week, saying he expected its investment banking revenue to be down about 25 per cent in the quarter from last year, adding that this was \u201cnot where we want to be\u201d.<\/p>\n<p>But Moynihan said it would be offset by mid-to-high single-digit percentage growth in trading revenues at BofA\u2019s markets business.<\/p>\n<p>Troy Rohrbaugh, co-head of JPMorgan Chase\u2019s commercial and investment bank, made a similar prediction: steady growth in markets offset by a mid-teens percentage drop in investment banking fees.<\/p>\n<p>Deutsche Bank CEO Christian Sewing also bemoaned how a flurry of delayed deals meant investment banking income would be \u201cweaker than we initially thought\u201d. Deutsche\u2019s fixed-income traders, however, had bounced back from a \u201crough start\u201d to April, he said.<\/p>\n<p>Citigroup\u2019s head of banking, Vis Raghavan, said last week the group expected year-on-year growth in both its markets and investment banking revenues.<\/p>\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A698b481a-f3f8-447a-8c86-6337b3e9cf42?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A698b481a-f3f8-447a-8c86-6337b3e9cf42?source=next-article&fit=scale-down&quality=highest&width=700&dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A698b481a-f3f8-447a-8c86-6337b3e9cf42?source=next-article&fit=scale-down&quality=highest&width=700&dpr=3 3x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A698b481a-f3f8-447a-8c86-6337b3e9cf42?source=next-article&fit=scale-down&quality=highest&width=700&dpr=4 4x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A698b481a-f3f8-447a-8c86-6337b3e9cf42?source=next-article&fit=scale-down&quality=highest&width=700&dpr=5 5x\" width=\"3500\" height=\"2500\"\/><source media=\"(max-width: 490px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A80b6602a-7248-485f-b9ed-9713f637113b?source=next-article&fit=scale-down&quality=highest&width=490&dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A80b6602a-7248-485f-b9ed-9713f637113b?source=next-article&fit=scale-down&quality=highest&width=490&dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A80b6602a-7248-485f-b9ed-9713f637113b?source=next-article&fit=scale-down&quality=highest&width=490&dpr=3 3x\" width=\"1500\" height=\"2000\"\/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd6c748xw2pzm8.cloudfront.net%2Fprod%2F2f0091d0-4852-11f0-9c79-edbecfff6129-standard.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\" alt=\"Column chart of showing The value of companies going public is down for a fourth year in a row\" data-image-type=\"graphic\" width=\"3500\" height=\"2500\" loading=\"lazy\"\/><\/picture><\/figure>\n<p>With only two weeks to go before the end of June, the value of M&A announced so far in the quarter is up 21 per cent, according to LSEG. However, there is a lag between deals being announced and advisers earning fees when they close, and the number of deals is still down 22 per cent. The value and number of initial public offerings are both down more than 10 per cent. <\/p>\n<p>Wall Street executives have, however, been encouraged by a number of strongly performing IPOs \u2014 US fintech Chime\u2019s <a href=\"https:\/\/www.ft.com\/content\/57b7d9a2-9ec2-430c-a4de-e901e78fd2d3\" data-trackable=\"link\">debut on Thursday<\/a> was the latest. There have also been a flurry of acquisitions in recent weeks, fuelling optimism about a build-up of transactions waiting to be unleashed.\u00a0<\/p>\n<p>Morgan Stanley\u2019s Pick said he was \u201cencouraged\u201d by the pick-up in deals, adding: \u201cI do think the corporate boardroom around the world is saying we do need to act.\u201d<\/p>\n<aside aria-labelledby=\"aside-label\" class=\"n-content-recommended--single-story n-content-recommended--inset\" data-component=\"recommended\">\n<p class=\"n-content-recommended__title o3-type-body-highlight\">Recommended<\/p>\n<div class=\"o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--has-image js-teaser\" data-id=\"12f7082e-8bfa-4390-a86f-ac37e22b9483\">\n<div class=\"o-teaser__image-container js-teaser-image-container\"><a href=\"https:\/\/www.ft.com\/content\/12f7082e-8bfa-4390-a86f-ac37e22b9483\" data-trackable=\"image-link\" data-trackable-context-story-link=\"image-link\" tabindex=\"-1\" aria-hidden=\"true\"><\/p>\n<div class=\"o-teaser__image-placeholder\" style=\"aspect-ratio:2290\/1288\"><img decoding=\"async\" class=\"o-teaser__image\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252Fcc7dcba9-1e68-4224-85eb-50b6ef016a25.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&fit=scale-down&dpr=2&width=240\" alt=\"John Waldron\"\/><\/div>\n<p><\/a><\/div>\n<\/div>\n<\/aside>\n<p>Raghavan at Citi noted IPOs in tech and digital assets had done well thanks to the sector\u2019s relative lack of exposure to potential tariff shocks, though it was more challenging to price companies potentially impacted by protectionist measures.<\/p>\n<p>Goldman\u2019s Waldron also said the bank was set to be busier this summer \u2014 \u201cas long as we don\u2019t have any more exogenous shocks, or more disruptive policy, which is maybe a big if\u201d.<\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/d350da60-36ce-474e-a019-4f648cb145eb\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Stay informed with free updates Simply sign up to the Investment Banking myFT Digest — delivered directly to…\n","protected":false},"author":5,"featured_media":31078,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-31077","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/31077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31077"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/31077\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/31078"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}