The leaders of some of Wall Street’s biggest banks have issued wary outlooks for the global economy, as consumers spend savings and clients lower their expectations for 2023.
Top executives at Goldman Sachs, Bank of America and JPMorgan Chase offered their views at an industry conference on Tuesday. “When I talk to clients, they sound extremely cautious. Many CEOs are watching the data and waiting to see what happens,” said David Solomon, Goldman’s chief executive.
Solomon said clients seemed “fatigued after a very volatile year”.
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