Wall Street figured to be one of the biggest beneficiaries of Donald Trump's presidency, as investors bet that banks would thrive under the administration's lighter regulatory touch, lower taxes and overall pro-business approach. Bank stocks' post-election rally was led by Goldman Sachs, which counts several alumni as administration officials. But so far this year, business on Wall Street has been fairly sluggish, and several big banks are expected to report disappointing quarterly earnings in the coming weeks.

After a good start to the year, global investment-banking revenue declined by 7% during the second quarter, according to Evercore ISI analyst Glenn Schorr, who recently cut earnings forecasts for Citigroup, Goldman, JPMorgan Chase and Morgan Stanley. Revenue from the superlucrative business of advising corporations on mergers fell, and bond sales showed double-digit declines. Some of the drop reflects investors losing confidence in Trump's ability to get tax cuts through Congress. Brexit and North Korea's nuclear program are also factors.

For New York, a down year on Wall Street could lead banks to shed staff after adding workers here for three consecutive years. A decline in this highly paid workforce would be painful for the city, which relies on the securities industry for better than a fifth of all wages paid.

There is a silver lining for the banks: As memories of the financial crisis fade, their standing among the public is the strongest it has been in years, according to a Reputation Institute study. Interestingly, the best-regarded local institution is Bank of New York Mellon, whose primary business is safekeeping securities and processing transactions for the rest of Wall Street. Banks with a heavy retail presence, such as Bank of America, are less well thought of. The lesson may be that if you're a bank that wants to be liked by people, don't deal with them.