Part 3/11:

This adjustment is seen as a natural correction rather than an isolated phenomenon. Industry insiders suggest that the wave of layoffs is not only ongoing but expected to persist throughout 2023 and potentially into 2024. Companies are seeking sustainable business models and strategic operational efficiency in an environment that discourages unbridled expansion.

Financial Markets and Banking Sector Impact

The ripple effects of macroeconomic shifts have also impacted Wall Street and the broader banking sector. Financial institutions like Goldman Sachs, Credit Suisse, and HSBC have announced staff reductions as part of restructuring efforts. Conversely, some banks remain in hiring mode, especially those with a focus on retail banking and consumer finance.