STOCKS | Wall Street Banks Cut More Than 10,000 Jobs in Q2, Biggest Drop Since 2020

Employees at Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley fell by more than 10,000 in the second quarter, based on staffing data disclosed in their quarterly earnings reports. According to Jin10, that was the largest quarterly decline since early 2020. Among the major banks, only JPMorgan Chase slightly increased its headcount after the end of the first quarter. Wall Street firms are rapidly reducing staff this year, and the largest lenders have posted layoffs for three straight quarters. Many companies are working to control costs. Citigroup has been streamlining staff in recent months, with CEO Jane Fraser focused on improving the bank's returns. Bank of America Chief Financial Officer Alastair Borthwick said earlier this week on an earnings call that the bank's workforce management has been very strong over the past six quarters. The bank's headcount was down nearly 1% from a year earlier.