The cautious remarks came even as all six big U.S. banks earned more in the third quarter than analysts had expected, suggesting that they are not totally out of the woods.
"We regularly review our business needs and adjust our staffing accordingly – creating new roles where we see the need or reducing positions when appropriate," a spokesperson said on Wednesday, adding that the bank currently has more than 10,000 open positions. Investment banking powerhouse Morgan Stanley also disclosed a near 2% drop in its total headcount on Wednesday, compared to the prior quarter. The bank did not elaborate on the reduction in its post-earnings call with analysts.
In the third quarter, expenses at JPMorgan and BofA were up roughly 13% and 3% respectively, while Citi, the third largest U.S. bank, reported a 6% rise from a year earlier, earnings statements from the lenders showed. In contrast, Wells Fargo posted a 8% decline in non-interest expense. Even those dealmakers who end up keeping their jobs could see less lucrative pay. A report published by New York State Comptroller Thomas DiNapoli last week estimated that Wall Street bonuses could fall 16% this year, as interest rates possibly staying higher for longer threatens the performance of financial companies.Investment banking giant Goldman Sachs is in a position to "make more selective investments" in headcount, its CFO Denis Coleman said.
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