The U.S. economy has been slowing down, but the recession has already hit pockets of investment banking as deal-making cools and Goldman eyes cost-cuts.
Goldman Sachs Group Inc. will cut bonuses by about 40% in the deepest belt-tightening move among the big U.S. banks, The Wall Street Journal reported Thursday.
Goldman Sach’s GS bonus reduction compares to expected 30% trims by J.P.Morgan Chase & Co. JPM , Bank of America Corp. BAC , Citigroup Inc. C and Jefferies Financial Group Inc. JEF , according to the newspaper’s report, which cited people familiar with the banks.
Morgan Stanley stock is down 14% while Citigroup has lost 26.1%. Wells Fargo & Co. WFC is off by 14.3% and Bank of America is lower by 26.3%. Jefferies is down about 11.5% for the year.
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