Leading investment bankers warn of a slump in their business and are preparing further job cuts.
(Photo: AP)
Frankfurt Alarm is on Wall Street. The second quarter is slowly coming to an end and the concerns of the top bankers in the US are growing when they look at the economic development. Large investment banks such as Goldman Sachs and Morgan Stanley warn of serious slumps in the business with takeovers and IPOs, but also in securities trading. Above all, the reminder for the latter is also a bad omen for Deutsche Bank.
When John Waldron, President of Goldman Sachs, appeared at the Alliance Bernstein investor conference last week, he had bad news to announce. Waldron spoke of an “extraordinarily challenging” macroeconomic situation and he emphasized that Goldman is preparing for a “tougher environment”. A high-ranking German investment banker also warns: “As the overall situation looks, 2023 threatens to be a lost year.”
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