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Oppenheimer cuts US investment banking forecast amid tariff uncertainty
Oppenheimer has revised its 2025 U.S. investment banking revenue forecast, now predicting no growth due to tariff-related uncertainties, down from an earlier estimate of a 32% increase. The firm downgraded Goldman Sachs, Jefferies, and Carlyle, citing concerns over M&A activity as companies reassess their plans amid a volatile trade environment. Analysts, including Oppenheimer's Chris Kotowski, warn that the upheaval in trade norms could lead to a significant pause in dealmaking.
Oppenheimer cuts US investment banking forecast amid tariff uncertainty
Oppenheimer has revised its 2025 U.S. investment banking revenue forecast, now predicting no growth due to tariff-related uncertainties, down from a previous estimate of a 32% increase. The firm downgraded Goldman Sachs, Jefferies, and Carlyle, citing concerns over M&A activity as companies reassess their plans amid a volatile trade environment. Analysts warn that the upheaval in trade norms under the Trump administration could lead to a significant slowdown in dealmaking, impacting investment banks reliant on M&A advisory fees.