Goldman Sachs was hit with a wave of layoffs this week that affected more than 3,000 of the firm’s staff, or about 6.5% of its total workforce. Those were the first layoffs for Goldman since before the pandemic. Also this week, the world’s largest money manager BlackRock, culled about 500 of its workers from its payroll.
JPMorgan Chase CEO Jamie Dimon said that there is still much uncertainty heading into the new year, particularly with headwinds coming from the war in Ukraine, inflation, and the Fed’s “unprecedented” tightening cycle. The bank is expecting a modest deterioration in its macroeconomic outlook “reflecting a mild recession in the central case.”
The increasingly darkening skies for banking and finance come after a year in which tech companies were buffeted by layoffs, despite most other parts of the labor market proving resilient. Smythe explained that in addition to storm clouds on the horizon for the economy, jobs at tech companies — and now finance firms — are also being hit by the lingering fallout of the pandemic, which began nearly three years ago.
But now that the country is out of a zero-rate environment and facing the likelihood of a recession, finance firms and tech companies who bulked up during the easy-money period are being forced to offload staff, a trend that is only expected to accelerate as 2023 ticks by and current employment levels become untenable.
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