The chief executives of Goldman Sachs and Morgan Stanley said they were seeing “green shoots” in their struggling investment banking businesses, which implemented large-scale dismissals as higher interest rates damped activity.
Wall Street firms are suffering through one of the leanest periods in years even by the standards of the feast-to-famine nature of investment banking, with a dearth of capital markets activity and deals as would-be buyers and sellers struggle to agree on price.
However, after several quarters of falling investment banking revenues, Morgan Stanley’s James Gorman and Goldman’s David Solomon said the environment was showing signs of improving.
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