Fitch Ratings expects the U.S. economy to enter genuine recession territory — albeit relatively mild by historical standards — in 2Q23. Goldman Sachs reported a smaller-than-expected 44% slump in third-quarter profit on Tuesday, while the Wall Street giant announced it will reorganize its business into three units and scale back ambitions for its consumer bank. Fitch: ‘The projected recession is quite similar to that of 1990–1991, which followed similarly rapid Fed (Federal Reserve’s) tightening in 1989–1990,’ said Olu Sonola, head of the rating agency in a report. Goldman’s Solomon also talked about the challenges facing private equity buyers, saying deal activity in the buyout sector has slowed.’Private equity activity gets reset at a time . . .
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