Traders and investment bankers “haven’t had the revenues that I think they were expecting,” Alan Johnson, managing director of Johnson Associates, said in an interview. “Clients haven’t come back, the volumes haven’t come back.”

“The economy is clearly slowing, so how fast is that going to happen I think is the big variable,” Johnson said. “Is it going to slow at a nice, even pace or are we going to have a more dramatic decline?”

Bloomberg / August 6, 2019