Finance Layoffs Watch ’23: The Reckoning

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Layoffs Watch ’23: The ReckoningEnjoy keeping your job… for now.

• Author:Jon Shazar
• Publish date:Dec 8, 2022

TheeErin from Chicago, USA [CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0)]

Enjoy keeping your job… for now.

The Pink Slip Pixie has made her way about Wall Street, and all in all, she’s been fairly kind. (Kinder, certainly, than the Bonus Banshee seems likely to be.) Just 1,600 bid adieu at Morgan Stanley. A few dozen at Citi’s investment bank. Probably less than 1,000 at Goldman Sachs, although King David Solomon may be making the cut a bit closer to the 5% level than initially expected.

The hard-charging boss — who said Tuesday he may slim down the “footprint of the organization” — has stressed-out workers griping about Goldman’s “Strategic Resource Assessment.”

Now the buckets are “you are great, you are average, or you stink,” one source told The Post.

“The firm changes the review structure so frequently it’s hard to keep up,” the source added. “It’s like they can’t figure out how to get it right internally.”

Well, however freaked out the Elect are now, just wait until the ball drops.

Big bank shareholders will want executives to keep a tight rein on costs and preserve capital against the possibility of loan losses to come when recessions hit. That impetus will mean more job cuts next year too if there is no big recovery in listings, bond sales and takeovers.

Of course, there’s one bank where the worry, apparently, isn’t about losing your job, but about having to keep it.

“We don’t lay off people, but we have an ability to reshape our headcount pretty quickly just by the turnover that occurs,” Moynihan said Tuesday during a financial conference.

In other words, Moynihan will allow positions to go unfilled as employees voluntarily depart, moving people around and retraining them as needed, he said.

Big Bank Job Cuts May Just Be Getting Started [Bloomberg]
Goldman Sachs warns of cuts amid fears over job review process [N.Y. Post]
‘We don’t lay off people’: This is how Bank of America’s CEO plans to reduce employee levels [CNBC]

Tagsterms:Goldman SachsDavid SolomonrecessionsBanksBrian MoynihanMorgan StanleyLayoffs WatchBank of America

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