Clouds are gathering around U.S. banks, which are on strong footing—but not as strong as industry executives, analysts, and investors expected they’d be during the second Trump administration’s early days.

Analysts in the past week have clipped their earnings expectations for Goldman Sachs, Morgan Stanley, Bank of America, and other large banks. Their softening forecasts are a symptom of the wider economic and policy uncertainty playing out on Main Street and Wall Street.