Top investment banks have warned that a recession in the US economy is possible in 2023, and layoffs in the financial sector are possible.

Speaking at the Goldman Sachs conference in New York, Bank of America Corp. CEO Brian Moynihan noted that spending has slowed and there are signs of weakness in consumption. “Consumers are still spending money right now, but the growth rate of it is slowing,” he said. Moynihan also informed that his bank had slowed hiring.

“You have to assume there are ups and downs ahead. You have to be a little more cautious with your financial resources and the organization’s size,” Goldman Sachs Chairman David Solomon told Bloomberg.

Solomon signaled that his agency, which had previously suspended hiring to cut costs, may have to make layoffs in some areas. Although Goldman economists indicated that the US could avoid a recession, Solomon predicted it could happen. Solomon noted that it would not be surprising to see layoffs and lower premium payments in the industry next year.