“This year is abnormally bad,” said Alan Johnson, managing director of Johnson Associates. “I think there will be a fair number of unhappy people. Some people will look for other jobs… But there will be layoffs, too.”
But Johnson says you should be concerned by the news even if you don’t work in finance.
Some people may think brokers make too much from home sales, he said, but they still want houses to sell because that’s good for their community, said Johnson. The same is true of bankers, he added.
Dealmaking is typically indicative of a healthy economic environment.
“This is a canary in the coalmine for the economy, if the canary dies that’s not good for anybody,” said Johnson.
CNN Business / November 16, 2022