The uncertainty has Solomon operating his New York-based bank cautiously, including by examining its spending plans. The firm has opted to slow its rate of new hires, cut the professional fees it pays and will likely reinstate annual performance reviews for staff this year, according to CFO Denis Coleman.
“I expect there’s going to be more volatility and there’s going to be more uncertainty and in light of the current environment we will manage all our resources cautiously,” Solomon said.
