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Wall Street investment banks’ layoffs in the second quarter hit the largest scale in six years

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Golden Finance reported that on July 17, according to employee data disclosed by major U.S. banks in their quarterly reports, the number of employees at Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley fell by more than 10k in the second quarter, the largest quarterly decline since the beginning of 2020. Among the major banks, only JPMorgan Chase’s headcount saw a slight increase after the end of the first quarter. This year, Wall Street firms are rapidly cutting headcount, with the largest lenders having laid off employees for three consecutive quarters. Many companies are working to control costs. For example, Citigroup has been trimming staff in recent months, and CEO Jane Fraser is focused on improving the bank’s return. “Over the past six quarters, our employee headcount management has performed extremely well,” said Alastair B. Borschwick, CFO of Bank of America, earlier this week during the earnings call. The bank’s employee count is down nearly 1% compared with the same period last year.
JPM-1.13%
BAC-0.18%
WFC0.62%
C-2.40%
GS-4.89%
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