Despite the stock market theory saying that banks should benefit from a rising interest rate environment, it has been one of the tougher years in recent memory for the financial sector. The iShares US Financial ETF (NYSEARCA:IYF) is down 25% from the all-time high it tagged back in January and is in fact now below its pre-pandemic level. It’s fair to say that Wall Street banks are struggling with a collapse in IPOs and debt and equity issuance this year, which is a complete reversal from the market environment that drove stellar results last year. The change has been triggered by broad decline…