“There’s tremendous fear,” said one banker who was there. The candidates who had long cultivated relationships with Wall Street — such as Cory Booker and Kirsten Gillibrand — were struggling to gain traction and had grown more hostile to finance as their party had, too. Joe Biden, leading in early polls, had a comforting history in the Obama White House and a reputation as an Establishment Democrat but had never, until a few months ago, maintained any meaningful relationship with Wall Street, hadn’t even announced his candidacy yet, and struck many bankers as a dubious bet to beat Donald Trump. Nearly everyone else in the field, the financiers felt, was being pulled leftward by Bernie Sanders (the preposterously well-funded contender they considered too crazy to even imagine in the White House) and Elizabeth Warren (less crazy, Democrats on Wall Street think, and way more competent). “She would torture them,” one banker told me. “Warren strikes fear in their hearts,” explained a New York executive close to banking leaders from both parties — so much fear that such investors often speak of the U.S. senator from Massachusetts, a former law professor and consumer advocate, as a co-front-runner with Sanders. “How do we come up with an alternative?” asked one person at the dinner…

Before Trump won, Hillary Clinton had outraised him by a margin of more than four to one among the financial crowd, which had long regarded him as a pariah because of his shady record and bankruptcies. Now? “The anti-corporate, anti–Wall Street direction of the Democratic Party is driving Democrats into the Trump camp, which is, in most cases, the last place they want to be,” said Kathryn Wylde, CEO of the Partnership for New York City, the business group that counts among its members all of the city’s major financial institutions. “The fact that he’s raised as much money as he has is a reflection of how many Democrats are holding their nose and supporting him because they feel demonized by the Democrats.” In mid-April, Trump’s team revealed it had raised over $30 million in the first quarter of 2019, slightly more than the top two Democratic candidates combined. If you add up all the Democrats’ dollars, the challengers are way ahead — but among donors, and indeed among the candidates themselves, the perception remains that the president is accumulating a real edge.