07.16.26

Wall Street Banks’ Record Quarter Didn’t Slow Their Job Cuts

by: Yizhu Wang

Despite reporting record second-quarter profits fueled by strong trading activity, the largest U.S. banks cut more than 10,000 jobs — the biggest quarterly workforce reduction since at least 2020. Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley all reduced headcount, while only JPMorgan slightly increased staffing. Banks say the cuts reflect ongoing efforts to improve efficiency, reduce costs and streamline operations. Executives also cited advances in technology and AI as enabling them to operate with fewer employees.

Read the full article on Bloomberg