Citigroup CEO has emphasized the need for clarity from the Trump administration to unlock growth in global markets and boost investment banking activity. Despite some uncertainty around policy, Citigroup remains optimistic about a turnaround in investment banking as corporations and business leaders seek clearer guidance. The CEO also expressed confidence in the U.S. economy and entrepreneurship under Trump’s leadership, noting a positive perspective gained from being in Europe. Goldman Sachs President John Waldron highlighted the resilience of the U.S. economy and consumers, while pointing to fiscal questions as a key focus for markets. Waldron identified long-term interest rates as a greater risk than tariffs and noted that global fiscal headroom is more constrained than during the COVID-19 pandemic. Goldman Sachs also reported a positive outlook for investment banking deals, although the timing of deal closures remains uncertain. Meanwhile, The Economist has discussed the evolving American financial landscape, highlighting tensions between the financial revolution of the past decade and the ongoing MAGA revolution. Private-credit firms are increasingly influential, with Goldman Sachs estimating they could capture $11.5 trillion from various asset-based lending markets. Wall Street banks have significantly increased their lending to private debt funds, with loan volumes rising 145% over five years. Some hedge funds now act as market-makers, challenging traditional bank roles, prompting Goldman Sachs to reorganize to better compete with private-credit lenders. Private-credit firms, while injecting vitality, also pose risks to the banking system, especially as they target the $13 trillion of loans on banks’ balance sheets.