Goldman Sachs said on Jan. 17 it had laid off around 3,200 employees as part of a headcount reduction, per Reuters.
The bank said its board had awarded Chief Executive David Solomon compensation of $25 million for his work in 2022, compared with $35 million the previous year.
This comes to a reduction of approximately one third.
Morgan Stanley also paid less to Chief Executive James Gorman, though only by 10%.
Bank of America, one of the largest banks in the U.S. and one of is preparing to trim its workforce in an effort to cut expenses over fears of a looming recession.
Recession 2023
Bank of America said in December it is expecting a recession to hit the U.S by the first quarter of 2023.
There is a major slowdown happening says CEO Brian Moynihan.
Economists are now expecting a volatile market to persist in 2023.
A recession may be coming in the first quarter of 2023, according to forecasts by Bank of America (BofA) economists.
“A recession is very likely in the U.S.,” BoFa wrote in its Year Ahead 2023 report. The bank points out that this recession can last through the third quarter of 2023.
There’s no official definition of a recession, but many economists define it as a period of two consecutive quarters of negative economic growth or gross domestic product (GDP) decline – a drop that’s already been seen in 2022, says FOX Business.
More than half or 56% of Americans believe the country is in a recession, according to a recent poll by YouGovAmerica and The Economist.
“There is a slowdown happening, there is no question about it. We are expecting a fairly weak economy throughout the entire year,” said Wells Fargo CEO Charlie Scharf.
Additional source(s): Reuters.
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What about the argument that these billion dollar hedge funds can keep paying out forever?