In the first year of the pandemic, Wall Street went on a hiring spree to staff up for the wave of companies that merged and IPOed. Now, with interest rates continuously climbing, the banks are backpedaling and scaling back their workforces. Here’s a roundup of some recently impacted companies:
The world’s largest asset manager, BlackRock, announced it is cutting around 500 jobs, which is less than 3% of its workforce. It’s the first round of layoffs implemented at BlackRock since 2019.
Over at investment banking firm Goldman Sachs, about 3,000 employees are being let go, a significant cut from the 49,000-person workforce.
In early December, Morgan Stanley cut 1,600 jobs, about 2% of its global workforce.
Lender bank HSBC made cuts across its global workforce by letting go of at least 200 senior operations managers and many in the C-suite.
Some experts say layoffs across industries are more of a correction given the pandemic-era growth that was seen at many companies. Only time will tell if 2023 has more mass layoffs in store.