--- title: "Wall Street's Job Cuts | Metaintro" canonical: "https://beta.metaintro.com/blog/banking-job-cuts" language: "en" author: "laceykaelani" published: "2025-03-19T11:30:00.000Z" modified: "2025-03-19T14:02:52.414Z" --- [Back to Blog](/blog) [Information](/blog/tag/information)[Layoffs](/blog/tag/layoffs) # Wall Street's Job Cuts: The Tightening Grip of 2025 Dive into how top banks like Morgan Stanley, Goldman Sachs, and Bank of America are strategically handling staff cuts amid a sluggish deal landscape forecast for 2025. [![Lacey Kaelani](https://cdn.metaintro.com/rs:fill:40:40/q:72/plain/images/2934b90b-ca20-4439-bc56-71b4f5733545_1766029465094.png)Lacey Kaelani @laceykaelani](/blog/author/laceykaelani) [March 19, 2025](/blog/archive/2025/03)3 min read ![Wall Street's Job Cuts: The Tightening Grip of 2025](https://cdn.metaintro.com/rs:fill:1200:675/q:78/plain/images/wallstreet-1.png) [https://x.com/intent/tweet?text=Wall%20Street's%20Job%20Cuts%3A%20The%20Tightening%20Grip%20of%202025&url=https%3A%2F%2Fbeta.metaintro.com%2Fblog%2Fbanking-job-cuts](https://x.com/intent/tweet?text=Wall%20Street's%20Job%20Cuts%3A%20The%20Tightening%20Grip%20of%202025&url=https%3A%2F%2Fbeta.metaintro.com%2Fblog%2Fbanking-job-cuts)[http://www.facebook.com/sharer.php?u=https%3A%2F%2Fbeta.metaintro.com%2Fblog%2Fbanking-job-cuts](http://www.facebook.com/sharer.php?u=https%3A%2F%2Fbeta.metaintro.com%2Fblog%2Fbanking-job-cuts)[https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fbeta.metaintro.com%2Fblog%2Fbanking-job-cuts&title=Wall%20Street's%20Job%20Cuts%3A%20The%20Tightening%20Grip%20of%202025](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fbeta.metaintro.com%2Fblog%2Fbanking-job-cuts&title=Wall%20Street's%20Job%20Cuts%3A%20The%20Tightening%20Grip%20of%202025)[mailto:?subject=Wall%20Street's%20Job%20Cuts%3A%20The%20Tightening%20Grip%20of%202025&body=https%3A%2F%2Fbeta.metaintro.com%2Fblog%2Fbanking-job-cuts](mailto:?subject=Wall%20Street's%20Job%20Cuts%3A%20The%20Tightening%20Grip%20of%202025&body=https%3A%2F%2Fbeta.metaintro.com%2Fblog%2Fbanking-job-cuts) ## **2025: A Game of Musical Chairs for Bankers** It seems like 2025 is the year of belt-tightening and musical chairs for the big dogs of Wall Street. [Morgan Stanley](https://www.morganstanley.com/), helmed by the newly appointed Ted Pick, has unveiled plans for its first significant round of reduction in force, sparking déjà vu akin to [Goldman Sachs](https://www.goldmansachs.com/) and [Bank of America's](https://www.bankofamerica.com/) recent moves. The 3% trim in investment banking jobs, while sparing its Wealth Management advisors, is a strategic bid to keep costs in check amid a slow turn on the deal-making highway. For those keeping score, these big shots banked on a bustling deal market storming into 2025, which now seems more like a drizzle. The reason? They over-prepped with more hands than current demand warrants. Welcome to the world of persistent overstaffing. ## **Moving the Pieces** Not too long ago, both [Goldman Sachs](https://www.bloomberg.com/news/articles/2025-03-04/goldman-moves-up-annual-job-cuts-targets-3-to-5-of-staff) and [Bank of America](https://www.reuters.com/business/finance/bank-america-eliminates-some-investment-banking-roles-including-new-york-2025-03-10/) sang the same somber melody. The banking titans find themselves 'overstaffed' now, yet slightly 'understaffed' for the prosperity they expect when the market eventually roars back to life. Funny how due diligence turns into juggling acts. But they’re not leaving the future to chance. [Morgan Stanley](https://www.morganstanley.com/) is keeping benches warm by adding senior roles in anticipation. "Labour hoarding" is their mantra, biding their time until the economic fireworks make a return. ## Where's the Exit? The game of attrition is stalled. Rather than firing left and right, companies usually favor a slow attrition process, letting roles fade when someone exits. Not this year, though. Turnover is shy, and everyone’s risk tolerance is teetering on nil. It’s almost like folks are gripping onto their jobs tighter than their morning lattes. As a result, [Morgan Stanley](https://www.morganstanley.com/) and others have nudged staff to consider moving to lower-cost locations—the Salt Lake Cities and Dallans of the world—over their expensive urban hotspots. --- Ad## ✨ A Word From Our Sponsors 👇 🚀 Want to stay sharp in the job market? Get daily insights on trends, careers, and opportunities—straight to your inbox. [Subscribe here.](https://met.sh/iFWGh) --- ## **Show Me the Money—or Not** Meanwhile, in Citi's neck of the woods, the tale of executive pay is rather revealing—or perhaps not. Citi’s latest annual proxy materials have struck off Anand "Selva" Selvakesari from its list of top earners, thanks to the dismal payout of their Transformation Bonus Program—68% of its promised max, down from nicer figures in yesteryears, despite the internal positive boost from a firmer stock price. Why didn't it pay out more? A not-so-perfect year for transforming risk controls and regulatory relationships has kept [Citi](https://www.citigroup.com/global) pointedly on their toes. Meanwhile, whispers of tech transformation success have surfaced, painting a different picture for 2025. Maybe next year will put Selva back in the spotlight. ## **Overheard Around the Water Cooler** JP’s parking woes? Who knew the scourge of the post-pandemic return-to-office was keeping your ride at the mall. Meanwhile, UBS has closed its outsourced trading shop, and Richard Perry is resurrecting at age 70 to make a hedge fund comeback with Olympus Peak. Yeah, it’s been an exciting week in finance. 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