Wall Street bankers should brace themselves — investment banks are getting ready to tighten their belts.
A year after rewarding staff with mega bonuses for generating record profits on the back of a boom in dealmaking and initial public offerings linked to the Spac frenzy, there has been a marked change in conditions for banks.
Fears of a recession, sparked by the war in Ukraine and a sharp tightening in monetary policy to tackle high inflation, have had a heavy impact on mergers, equity and debt underwriting businesses at most investment banks.
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