Wall Street layoffs continue across the board. Here’s the latest


By Samar Marwan

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. 

    The union representing employees of Dow Jones said the financial news division of News Corp. plans to lay off 22 employees.  

    While JPMorgan has been mulling cuts its workforce, so far, the bank has responded by slashing bonuses by 30% due to poor performance. 

Wall Street layoffs continue across the board. Here’s the latest

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.

Fast Company