#morganStanley #goldmansachs #banks #layoffs
Morgan Stanley is set to Cut 1,600 workers from its workforce as it appears the recession has already hit the big banking and finance sector of the economy.
Saying that they’ve slowed hiring. So Morgan Stanley with the 1600 new job cuts. How much cost cutting are we expecting? Both from bonuses as well as jobs? What sort of in the pipeline already? Yes. So we know from Morgan Stanley reporting overnight that they’re cutting 2% of their payrolls globally. That’s about 1600 positions. So that’s quite a big retrenchment.
Then we’ve got Goldman Sachs Simon saying that bonus pools will be smaller this year compared to 2021. Brian Moynihan of Bank of America took a slightly softer take just saying that there will be slowing hiring. They are still doing some hiring in areas like private banking, but really that the tone has changed from the past couple of years where there was a big talent war.
There were big bonuses. But that talent war seems to be over. Jp morgan, Citigroup and other banks are cutting bank payrolls. We know that investment banking has been in a slump for quite some time now. Solomon said that that capital markets activity hasn’t picked up like he would have liked.
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