Top U.S. banks have flagged even more potential layoffs to save costs, especially if the economy remains under pressure from high interest rates and geopolitical tensions, threatening to derail a budding rebound in investment banking.
“Like all well-managed organizations, we regularly review and evaluate the needs of our clients and the markets we serve in order to ensure we align our resources accordingly,” Wells Fargo said in a statement to Reuters.
“These departures represent a small number, and we remain fully committed to our Corporate & Investment Banking business.”
Bloomberg News had reported the development earlier.
Source: Economy - investing.com
