JPMorgan, BofA cautious on job cuts as Goldman layoffs loom

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JPMorgan, BofA cautious on job cuts as Goldman layoffs loom

Сообщение geemong » 14 сен 2022, 11:55

JPMorgan, BofA cautious on job cuts as Goldman layoffs loom


JPMorgan Chase and Bank of America, the two largest US banks by assets, expressed caution about job cuts in contrast with Goldman Sachs, where hundreds of layoffs could start as early this month.

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"You need to very careful when you have a bit of a downturn to start cutting bankers here and there because you will hurt the possibility for growth going forward," Daniel Pinto, president and chief operating officer of JPMorgan, told investors at a conference Tuesday. "If anything, in some environments like this, there may be some very, very top bankers that you could not access or hire in the past that now they're available to be hired."

That stance compares with plans by Goldman Sachs Group Inc, according to a source familiar with the matter, to cut jobs as early as this month after pausing the annual practice for two years during the pandemic. Goldman had a headcount of 47,000 at the end of the second quarter, a 15 per cent jump from the previous year.

Wall Street bankers have become increasingly concerned about layoffs in the coming months. As the risk of recession looms and the Federal Reserve raises interest rates to curb inflation, deal markets have dried up.

JPMorgan's upbeat view underpins the company's approach to its workforce, said Lance Roberts, chief investment strategist and economist at RIA Advisors.

"We will see if JPMorgan is right in their more optimistic views, but history suggests that with the Fed actively hiking rates and reducing their balance sheet, the outlook is more cloudy with a chance of heavy rain," Roberts said.

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