Wall Street is seeing a large number of job cuts, as the amount of layoffs at the largest U.S. banks is expected to pass 11,000 this year. Citigroup is the latest bank to announce job cuts, telling investors it plans to lay off 5,000 employees by the end of the second quarter. Thousands of bankers have been laid off at Goldman Sachs and Morgan Stanley so far this year. - Executives are trying to undo the recruitment spree that started after the economy rebounded following the COVID-19 pandemic.
- The tight labor market after the pandemic led companies to hire aggressively and offer retention packages.
- At the end of the first quarter of this year, JPMorgan Chase, Bank of America, Morgan Stanley, Goldman Sachs, and Citigroup, collectively employed 882,000 employees around the world.
- That's 100,000 more than there were in March 2020.
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