The Wall Street boom is petering out at US banks.

For much of 2020 and through the first quarter of this year, the biggest US banks posted blockbuster results from trading stocks and bonds and advising companies on deals. The Federal Reserve flooded the market with money, companies raced to sell new debt and go public, and traders on Reddit and from big institutions moved those securities quickly. Banks at the middle of all of those transactions reaped the rewards.