Gird your loins. Having already slashed bonuses, banks including Citigroup, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, are preparing to cut dozens of jobs, including some held by senior bankers, according to people familiar with the matter. As they pursue this targeted round of trims as soon as next month, they and rivals are also revisiting profit expectations for their advisory businesses, people familiar with the matter said.
It's no secret that business has slowed on Wall Street. Last Friday, analysts from Wells Fargo, Berstein, Ticonderoga, and Meredith Whitney all slashed their estimates for the big investment banks. And when business slows, so does p... Read Post
Even Goldman Sachs is acknowledging the new reality: job cuts in investment banking are necessary. Last week, Wall Street’s most successful investment bank began cutting bankers above and beyond its annual performance review, and i... Read Post
Let the worries over second-quarter bank earnings begin. Bank of America Merrill Lynch analysts this morning have slashed earnings estimates on J.P. Morgan, Goldman Sachs, Morgan Stanley and Citigroup, warning about weak investment ... Read Post