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Layoffs lurk on Wall Street as macroeconomic outlook remains murky

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Top U.S. banks could cut jobs further to keep their expenses in check, especially if lingering economic weakness derails a fledgling recovery in investment banking, according to comments made at their recent earnings.

An economic environment made murky by the Federal Reserve's interest rate hikes and geopolitical tensions has only increased risks further, some of the lenders said after results., the biggest U.S. bank that has so far managed to avoid mass layoffs, could adjust its headcount depending on the investment banking environment, its CFO Jeremy Barnum said on Friday.

At the investment banks Goldman and Morgan Stanley expenses rose 18% and 5% in the quarter, compared to a year earlier.

 

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