The impact of the slowdown in deals in the City last year is being felt amid reports Goldman Sachs will cut 3,200 of its staff this week.
It comes as the investment bank is forecast to suffer a 46pc drop in profits, on about $48bn (£39.5bn) of revenue, according to analysts.
More than a third of the job losses will likely be from within its core trading and banking units, according to Bloomberg.
5 things to start your day
1) Mortgage surge to eat up an eighth of household incomes | Homeowners with mortgages will suffer a 12pc hit from higher interest rates
2) Manufacturers brace for emergency shutdowns as energy bills support cut | Almost two-thirds of factories say they fear blackouts as costs keep rising
3) Rishi Sunak has no plan for growth, says former Bank of England chief economist | Prime Minister is allowing pessimism to hold back recovery, suggests Andy Haldane
4) Taxpayer-backed satellite champion shuts Alaska site amid battle with Elon Musk | US telecom executives say OneWeb’s service is ‘too costly’
5) Roger Bootle: Foreign rivals have bought up Britain – now we are at their mercy | Decades of neglect have left us heavily indebted to other countries
What happened overnight
Asian shares rallied as hopes for less aggressive US rate hikes and the opening of China’s borders boosted the outlook for the global economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 2pc to a five-month top, with South Korean shares gaining 2.2pc.
Chinese blue chips grew 0.7pc, while Hong Kong shares rose 1.4pc and China’s yuan firmed to its highest since mid-August under 6.8000.
Japan’s Nikkei was closed for a holiday but futures were trading at 26,215, compared with a cash close on Friday of 25,973.
S&P 500 futures added 0.2pc and Nasdaq futures 0.3pc.
