Top U.S. business leaders are “bracing for a recession,” and many are already starting to slash costs to prepare their companies for a downturn ahead.

So says the research firm Gartner, after a study of all the recent fourth-quarter corporate results announcements, and the transcripts of business leaders’ earnings calls with Wall Street analysts.

“Many of the world’s largest companies are starting to behave as if they are in a recession. A significant number of leading firms are taking a recessionary stance and making preparations to capitalize on a downturn rather than be a casualty of one,” said Tim Raiswell, vice president of Gartner’s finance practice.

Raiswell said that U.S. executives were still offering a “broadly positive” outlook for the economy. But more and more are talking about a possible “downturn” or “recession,” and have announced efficiency measures to cut costs.

Bank executives have sounded the alarm about the rise in risky consumer lending by nonbank providers, Gartner found.

And corporate leaders across the board are worried about the turmoil in Washington and a sharp slowdown in the Chinese economy. Donald Trump’s intermittent saber rattling against China over trade, along with the recent government shutdown and overseas problems like Brexit, are also factors.