Wall Street Fears Job Cuts as Dealmaking Fizzles in Trade War

Up and down Wall Street, executives are starting to come to terms with a new reality: Donald Trump isn’t delivering the long-awaited rebound in M&A they hoped he would.

Inside JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp., executives are considering revising down internal revenue projections for their advisory businesses for this year. Such moves across the industry could portend job cuts in the second half if the environment doesn’t improve.

Even before this week, UBS Group AG has begun asking senior investment bankers to draw up lists of employees who could be ...