The brutal cull on Wall Street (probably) isn't finished

The narrative for Wall Street bank performance is pretty well established at this point.
January and February were awful. March was a bit better, but first-quarter results were still lousy.
April seems to have been more like March than February, with an improvement in trading conditions, a reopening of the capital markets, and a resurgence in mergers-and-acquisitions activity.
That now has Wall Street on a knife edge. We're four months into the year: Two months have been terrible, and two months