Wall Street job cuts loom as market turmoil stalls deals

Summary

Wall Street banks, including JPMorgan, Bank of America, Goldman Sachs, and Morgan Stanley, are preparing more job cuts amid declining investment banking revenue and market turmoil fueled by Trump’s tariff threats.

Investment banking fees dropped 6.3% year-over-year, and equity offerings fell from $69 billion to $57 billion.

Analysts warn that if deal activity doesn’t rebound by mid-summer, layoffs will intensify, especially at boutique firms.

Bank stocks have suffered, with smaller firms like Evercore and Jefferies down over 20% year-to-date, while larger banks remain more resilient.