U.S. banks get ready for a recession

U.S. banks get ready for a recession, per Reuters.

"With most U.S. economists forecasting either a recession or significant slowdown this year, banks will likely incorporate a more severe economic outlook," said Morgan Stanley analysts said.

Meanwhile, Goldman Sachs has laid off thousands of employees. Morgan Stanley and Citigroup, among others, have also cut jobs after a plunge in investment-banking activity.

Global investment banking revenue sank to $15.3 billion in the fourth quarter, down more than 50% from a year-earlier quarter, according to data from Dealogic.

Elon Musk recently has said: I think 2023 is going to be quite a serious recession. It's going to be, in my opinion, comparable to 2009.