Goldman, Jefferies Cut at Oppenheimer on M&A Rebound Doubt (2)

The boom in M&A activity that dealmakers on Wall Street had hoped for after Donald Trump’s return to the White House may never materialize, according to Oppenheimer & Co.

The bank’s analysts cut their recommendation for shares of Goldman Sachs Group Inc., Carlyle Group Group Inc. and Jefferies Financial Group Inc. to perform, citing the missing rebound in mergers and acquisitions.

“We fear that the current uncertainty over tariffs, a fiscal “detox” and the general upheaval of 80 years of trade and security arrangements is likely to cause a pause in M&A activity,” Oppenheimer analysts Chris Kotowski and ...