Bankers who serve some of country’s wealthiest people say the continuing downturn is deterring rich Americans from boosting their giving, Reuters writes.

Attending the Reuters Global Banking Summit in New York, top executives of Wells Fargo, Credit Suisse, and other major financial institutions said wealthy clients are reassessing their philanthropy amid uncertainty over the recovery and whether Congress will extend George W. Bush-era tax cuts for the richest households.

“We haven’t seen too much aggressive behavior there about [donations] getting bigger,” said Anthony DeChellis, chief executive of Credit Suisse Private Bank (Americas). Keith Banks, head of Bank of America’s U.S. Trust, said clients who are maintaining giving levels “are being more selective” and giving their money to a smaller number of groups.