The dealmakers on Wall Street have had a nice long run, fueled by indifferent regulators and cheap money. These things tend to go in cycles, some longer than others, and this one has been a particularly long and lucrative ride for investment bankers. The year 2021 was a particularly notable bonanza: JPMorgan Chase, for instance, made a stunning $46.5 billion in net income, a 70 percent increase above 2020. It was obvious that between a new monetary regime at the Federal Reserve, where interest rates were increasing rapidly, and a regulatory regime that was going to be far more vigilant than it had been under Donald Trump, that the deal environment was going to change. And it has.