Wall Street banks are no longer touting 'green shoots' in dealmaking

Wall Street executives have a message for investors who were hoping for a third-quarter surge in dealmaking profits: Wait until 2024.

Even the banks that showed gains were reluctant to express a lot of enthusiasm or optimism. Bank of America CFO Alastair Borthwick said "we've grown tired of predicting" when investment banking will return to more historical levels of activity.Citigroup CEO Jane Fraser said "it remains hard to predict when deal activity will sustainably rebound," adding that "I'm struck how consistently CEOs are less optimistic about 2024 than a few months ago.

Some of these big banks are leaning more heavily on their trading desks as markets remain volatile. Those combined revenues were up roughly 1% at the five banks with sizable Wall Street units. “Unfortunately I’m not going to be around to enjoy it,” said Gorman, who announced in May that he would be leaving as CEO within one year.

A reliable buy signal just flashed for the stock market as most investors expect a Goldilocks scenario for the economy

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