Banking Sector Layoffs is Here!
Massive lay-offs coming to banking sector but others to follow shortly.
In recent weeks, executives have grown pessimistic, saying that revenue from robust activity in parts of the fixed-income world has probably peaked this year, and that equities revenue will continue to decline amid a bear market in stocks.
“Most of the banks are budgeting for declines in revenue next year,” according to a person involved with providing data and analytics to the industry. “Investors know the general direction of the market, at least in the first half, and the thinking is that client demand for hedging has probably peaked.”