With investment-banking revenue plummeting and a recession looming, Wall Street is in retrenchment mode. The job cuts and hiring freezes striking the tech world have made their way to the finance industry, with banking executives preparing for what’s expected to be an austere year ahead.
Goldman Sachs Group Inc., Morgan Stanley, Credit Suisse Group AG and Barclays Plc have all either already fired staff or announced that they plan to do so in coming months. Some smaller firms have completed multiple rounds of terminations.
