JPMorgan, BofA wary on job cuts as mass layoffs at Goldman loom
The two biggest American banks by assets, JPMorgan Chase and Bank of America voiced concern about layoffs. Comparably, at Goldman Sachs, hundreds of employees might be let go as early as this month.
Goldman Sachs Group Inc. expects to slash employees as early as this month after halting the yearly practice for two years due to the epidemic. At the conclusion of the second quarter, Goldman had 47,000 employees, an increase of 15% over the previous year. CEO Brian Moynihan stated on Monday that Bank of America is happy with its personnel numbers. Due to “far increased” attrition in the first half of the year, JPMorgan had to alter pay.
At the conclusion of the second quarter, the bank employed over 278,000 workers, an increase of 7% from the previous quarter. Igor Sokolovsky, formerly of Guggenheim Securities, has joined the boutique investment bank as a managing director in New York, where he will provide clients with merger and acquisition advice with a focus on the healthcare industry.