© Reuters. FILE PHOTO: A woman walks past JPMorgan Chase & Co’s international headquarters on Park Avenue in New York July 13, 2012 REUTERS/Andrew Burton
(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 (NYSE:) 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.
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