Wall Street's Six Largest Banks Cut Over 10K Jobs, Lowest Headcount Since 2021
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 15 2026
0mins
Source: seekingalpha
- Significant Layoff Trend: The six largest Wall Street banks cut over 10,600 jobs in 2022, reducing their total workforce to 1.09 million, the lowest level since 2021, reflecting the impact of economic slowdown and market uncertainty on the financial sector.
- Efficiency Gains: With AI-driven automation and efficiency improvements, banks are able to perform the same work with fewer employees, reducing the need for rehiring and balancing cost control with business growth.
- Individual Bank Dynamics: Wells Fargo has seen a 25% reduction in headcount since Q2 2020, while Citigroup plans to cut 3,000 employees by 2025, showcasing different strategies banks are adopting to navigate market challenges.
- Hiring Slowdown: Although Goldman Sachs and Morgan Stanley have increased their employee counts, JPMorgan's hiring has slowed to its lowest pace since the pandemic, indicating a cautious approach to future recruitment across the industry.
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Analyst Views on BAC
Wall Street analysts forecast BAC stock price to rise
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 48.560
Low
55.00
Averages
61.64
High
71.00
Current: 48.560
Low
55.00
Averages
61.64
High
71.00
About BAC
Bank of America Corporation is a bank holding company and a financial holding company. Its segments include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets. Consumer Banking segment offers a range of credit, banking and investment products and services to consumers and small businesses. The GWIM includes two businesses: Merrill Wealth Management, which provides tailored solutions to meet clients' needs through a full set of investment management, brokerage, banking and retirement products and Bank of America Private Bank, which provides comprehensive wealth management solutions. Global Banking segment provides a range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services. Global Markets segment offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity, and equity businesses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
