list of job cuts at banks, financial firms

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. 

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.