(Reuters) – Wall Street banks are adjusting to a more sluggish economic environment by laying off staff even as they compete to retain and recruit top talent, Kenneth Jacobs, Chief Executive Officer of Lazard Ltd, told investors at a conference Wednesday.
“Reality is starting to set in,” said Jacobs, who was speaking generally about job cuts that were being reported across the financial industry.
(Reporting by Lananh Nguyen in New York and Manya Saini and Noor Zainab Hussain in Bengaluru; Editing by Krishna Chandra Eluri)