Wall Street banks, including Morgan Stanley, Goldman Sachs, and Bank of America, have begun layoffs affecting thousands of workers amid economic uncertainty. While annual staff reductions are common, these cuts also reflect challenges in dealmaking and IPO activity under the Trump administration’s trade policies.
Goldman Sachs is trimming 3-5% of its workforce, mainly vice presidents, while Bank of America has cut junior investment bankers and 1% of its global banking staff. Citigroup continues its broader restructuring, aiming to reduce 10,000 jobs by 2026. JPMorgan has slowed hiring and laid off fewer than 1,000 employees in February. More cuts may follow across the industry.
