Banks Are Braced for Layoffs in 2023

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Goldman Sachs could be laying off 3,200 workers in 2023. Banks are braced for more defaults from loans they've made over the last few years. High oil prices have been a boon for Gulf nations and their governments. But sovereign wealth funds are taking a different approach to investing than after 2008 boom.

Thousands of supporters of Brazil’s former rightwing president Jair Bolsonaro stormed the country’s capital, and America’s biggest banks are set to report another quarter of bumper profits. Plus, the FT’s Middle East editor Andrew England explains how Gulf nations’ sovereign wealth funds plan to invest the cash they’ve reaped from the recent boom in oil prices.

Mentioned in this podcast:

Supporters of Bolsonaro invade Brazil’s Congress

The new Gulf sovereign wealth fund boom

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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