The layoffs are the latest sign that cuts are accelerating across Wall Street as dealmaking dries up. Investment banking revenues have plunged this year amid a slowdown in mergers and share offerings, marking a stark reversal from a blockbuster 2021 when bankers received big pay bumps.
The bank is weighing a sharp cut to the annual bonus pool this year, a separate source familiar with the matter said. That contrasts with increases of 40% to 50% for top-performing investment bankers in 2021, Reuters reported in January, citing people with direct knowledge of the matter. The company’s stock fell 1.3% in afternoon trading alongside shares of JPMorgan & Chase Co and Morgan Stanley , which fell 0.6% and 1.3%, respectively.
Rising interest rates are jeopardizing our solvency, so we gotta cut somewhere