JP Morgan has turn into the hottest massive financial institution to reduce careers in the Asia-Pacific region, but contrary to rivals it has stored redundancies to a minimum.
The US financial institution is comprehended to have created all around 30 men and women redundant, and resources say a lot of of the reductions impacting China-focused team based mostly in Shanghai and Hong Kong.
But whilst Goldman Sachs and Morgan Stanley have both equally reduce senior bankers, JP Morgan’s price tag-reduction workout has concentrated on a lot more junior employees.
Two sources claimed that the occupation cuts have afflicted team in fairness cash markets, as very well as business teams targeted on ‘new economy’ sectors these types of as health care, and technological innovation, media and telecoms, which have borne the brunt of the slide in offer exercise.
The bank would not remark on the seniority of individuals most influenced, or in which regions of the organization the cuts experienced arrive, but a spokesperson mentioned: “We regularly evaluate our enterprise desires and a small variety of staff across Asia Pacific have been affected.”
JPMorgan fell two spots to sixth in global China investment banking price tables previous year, while Goldman was second and Morgan Stanley was fourth, in accordance to Dealogic. It was rated fourth overall in APAC.
Bankers say that more cuts could come depending on irrespective of whether deal activity returns in the initially quarter but proposed that any reductions would be a lot more in line with JPMorgan’s low-critical technique. One particular banker at a European organization stated: “I really don’t assume you’ll see Goldman-fashion cuts, the place they fired 40 China bankers. It will be on a substantially-scaled-down scale because China stays a prolonged-phrase motivation for US banking companies.”
Soaring Sino-US tensions around Taiwan and Beijing’s refusal to condemn Russia for its invasion of the Ukraine, have fuelled fears that US banking companies may well retrench, but lender bosses are hopeful of an upturn in deal-stream now that China has calm its Covid restrictions
In January, JPMorgan Chase CEO Jamie Dimon explained to Fox News that he does not see U.S. banks pulling out of China in the in the vicinity of upcoming, saying the U.S. govt sets foreign policy and American business needs to compete, “so we want to make absolutely sure regardless of what trade negotiations are beneficial to American business enterprise.”
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Banking institutions are gearing up for the most important round of career cuts due to the fact the global financial crisis, as executives occur under strain to slash charges subsequent a collapse in expenditure banking revenues.
The lay-offs — which are anticipated to be in the tens of thousands throughout the sector — reverse the mass hirings banks created above the earlier several yrs and the reluctance to fireplace staff for the duration of the Covid-19 pandemic.
“The job cuts that are coming are heading to be tremendous brutal,” said Lee Thacker, operator of monetary expert services headhunting agency Silvermine Partners. “It’s a reset mainly because they about-hired about the previous two to a few many years.”
Financial institutions which includes Credit rating Suisse, Goldman Sachs, Morgan Stanley and Financial institution of New York Mellon have started to minimize a lot more than 15,000 work in the latest months, and industry watchers count on many others to follow accommodate, emboldened by the headline-grabbing ideas by now declared.
“We’ve noticed some warning shots from the US,” mentioned Thomas Hallett, an analyst at Keefe, Bruyette & Woods.
“Investors require to see management acting on expense and hoping to preserve a affordable return profile. The Europeans will tend to abide by the US financial institutions.”
Ana Arsov, co-head of global banking at Moody’s, stated she envisioned the occupation cuts to be fewer critical than throughout the monetary disaster, but heavier than the collapse in the marketplaces immediately after the dotcom crash in 2000.
“What we are looking at is a catch-up of normal bank lay-offs that ended up set on pause in excess of the earlier several years,” she mentioned. “We will see trimming in European franchises, but not as huge as at US banks.”
Lender executives explained Goldman’s eye-catching lay-offs — element of its most important cost-chopping generate since the financial disaster that contains all the things from company jets to bonuses — experienced set a precedent that other banking companies would seem to adhere to.
“The Goldman headlines are accelerating conclusion generating,” explained an sector govt with knowledge of several banks’ strategies. “It’s a very good time to announce distressing cuts if you just abide by Goldman.”
The Wall Avenue bank began a method of firing up to 3,200 personnel previous 7 days, equating to 6.5 for every cent of the workforce, as force mounts on main executive David Solomon to increase the bank’s return on tangible fairness.
Goldman is reducing a identical number of workers as it did in 2008 for the duration of the depths of the international monetary disaster, but its workforce then was two-thirds of its recent dimension.
Morgan Stanley laid off 1,800 team in December, just more than 2 per cent of its workforce. Regardless of owning a strong wealth administration company, the lender’s expense bank endured alongside with its fierce rival Goldman Sachs from a close to halving of M&A revenues very last 12 months.
Morgan Stanley mentioned no further team cuts were imminent.
“We had been frankly a minor overdue,” main government James Gorman explained to analysts. “We hadn’t completed anything at all for a couple of years. We’ve had a lot of development, and we’ll continue monitoring that.”
Financial institution of New York Mellon, the world’s major custody bank, ideas to lower just under 3 for every cent of its workforce — close to 1,500 workers — in the 1st half of the calendar year.
Main government Robin Vince advised the Fiscal Periods that the financial institution experienced been “very cautious to recognise” that permitting people go throughout the Covid pandemic would have “broken the social contract” with employees.
But he added that “in the common system of business we critique staffing concentrations. As a well-operate small business we have to be fantastic stewards of our expense foundation.”
By significantly the largest cuts announced so significantly are by Credit history Suisse, which is in the middle of a radical strategic revamp aimed at solidifying the scandal-plagued Swiss lender. Final Oct, the bank explained it would be cleaving 9,000 roles from its 52,000 workforce in excess of the future 3 months.
When 2,700 of the cuts had been planned previous year, the lender has previously begun redundancy consultations around 10 for each cent of expenditure banking roles in Europe, the Money Occasions documented very last week.
The size of the restructuring at Credit score Suisse is better than the lender went by all through the fiscal crisis, when it was compelled to lay off far more than 7,000 employees in 2008 but averted a condition bailout.
Not all banking institutions count on to make significant reductions to headcount, though they are getting other actions to keep charges down.
Financial institution of America, which employs 216,000 globally, said it did not “have any strategies for mass lay-offs”, however it was having a disciplined strategy to prices and would only employ for the most important roles.
Chief govt Brian Moynihan informed Bloomberg in Davos that much less folks had remaining the financial institution than it expected previous yr, which was impacting its recruitment plan.
“We overachieved on the hiring facet and we went past our concentrate on headcount,” he claimed. “And now we can do a slowdown in selecting.”
Citigroup has so significantly offered couple of details about how a lot of of its 240,000 global workforce will be impacted by lay-offs, but main economic officer Mark Mason advised journalists that there was tension to slash fees within just its expenditure lender, following the division’s 22 per cent tumble in earnings.
“As element of [business as usual], we’re consistently combing expertise to make confident we have the proper men and women in the appropriate roles and where by required to restructure, we do that as well,” he mentioned.
Nevertheless at least just one world-wide bank is looking to beef up its ranks, albeit in a qualified way. UBS main government Ralph Hamers said at Davos that the Swiss lender was “bucking the trend” when it arrived to recruitment.
Contrary to its rivals, UBS has not employed aggressively in current decades and so is not beneath the very same pressures to slash roles.
It has also focused far more sources to wealth administration over the earlier ten years and senior executives at the bank come to feel now is a very good time to devote much more in the investment lender — along with hires in wealth and asset management — as rivals pull back again.
These efforts consist of selecting off disgruntled dealmakers from boutique advisory companies, senior figures at UBS informed the FT.
By comparison, UBS was forced to minimize 10 for each cent of its workforce in 2008 — with most roles coming from its expenditure lender — as the loan provider was bailed out by the Swiss govt soon after struggling significant losses on subprime mortgages.
A number of of the largest career cuts in 2008 arrived from banking companies that had rescued rivals brought to their knees by the economic disaster. When Financial institution of The us took around Merrill Lynch, for case in point, it fired 10,000 staff members, although also creating 7,500 employees redundant at property finance loan loan provider Countrywide Financial.
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JPMorgan enable 9,200 Washington Mutual employees go when it took on the US’s greatest financial savings and bank loan association, in addition to slicing a 10th of its very own workforce.
Meanwhile, the collapse of Lehman Brothers and Bear Stearns led to tens of countless numbers of bankers out of perform. In whole, much more than 150,000 bankers dropped their employment in the course of the economical crisis.
And just like 15 decades in the past, the prospect of promptly obtaining re-employment for those people now out of work is bleak, in accordance to recruiters.
“You have this awful flood of excellent coming on to the industry, but who picks them up?” reported Thacker. “The buyside is not there to seek the services of these people today this time. They just don’t have the potential.”
LONDON — Google is laying off 12,000 staff, or about 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its workforce, becoming the most current tech enterprise to trim staff members as the economic boom that the sector rode all through the COVID-19 pandemic ebbed.
CEO Sundar Pichai knowledgeable team Friday at the Silicon Valley giant about the cuts in an electronic mail that was also posted on the firm’s news site.
The firings provides to tens of thousands of other job losses not long ago announced by Microsoft, Amazon, Facebook guardian Meta and other tech corporations as they tighten their belts amid a darkening outlook for the industry. Just this thirty day period, there have been at the very least 48,000 career cuts announced by important companies in the sector.
“Over the past two many years we’ve seen intervals of dramatic progress,” Pichai wrote. “To match and gas that advancement, we hired for a unique economic reality than the one we experience today.”
He said the layoffs replicate a “rigorous evaluate” carried out by Google of its operations.
The employment becoming eliminated “cut across Alphabet, product or service places, capabilities, degrees and locations,” Pichai claimed.
In a regulatory filing late previous yr, the enterprise reported that it employed approximately 187,000 people.
‘Difficult financial cycles’
Pichai stated that Google, founded practically a quarter of a century in the past, was “bound to go by tricky economic cycles.”
“These are vital times to sharpen our emphasis, reengineer our expense foundation, and direct our talent and funds to our optimum priorities,” he wrote.
There will be job cuts in the U.S. and in other countries, according to Pchai’s letter.
Microsoft, Amazon and Meta
Before this week, Microsoft declared 10,000 career cuts, or nearly 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its workforce. Amazon has reported its slicing 18,000 positions, although that is a portion of its 1.5 million solid workforce.
Facebook parent Meta is shedding 11,000 positions, or 13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its staff, when organization software maker Salesforce is laying off about 8,000 employees, or 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the full. Twitter CEO Elon Musk has slashed work at the company after he acquired it very last drop.
Work in the U.S. has been resilient even with indicators of a slowing financial state, and there were an additional 223,000 positions added in December. Still the tech sector grew exceptionally speedy about the last numerous yrs owing to improved demand as personnel began to do the job remotely.
CEOs of a amount of firms have taken blame for growing far too quick, however these exact businesses, even right after the most recent round of career cuts, continue to be considerably much larger than they were being before the financial increase from the pandemic began.
(Reuters) – Google’s dad or mum Alphabet Inc is chopping about 12,000 jobs as it faces “a unique financial truth”, it stated in a team memo, doubling down on synthetic intelligence (AI) and axing personnel who assist experimental initiatives.
The task cuts affect 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its workforce, and follows countless numbers of layoffs at tech giants like Amazon.com Inc, Microsoft Corp and Meta Platforms Inc who are downsizing immediately after a pandemic-led using the services of spree still left them flabby in a weak economic system.
Shares in Mountain Perspective, California-based mostly Alphabet, which boosted its workforce by practically a 3rd by means of 2020 and 2021, rose 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Friday. They had fallen 30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the earlier 12 months, echoing a 24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} slump in the broader tech sector.
Sundar Pichai, Alphabet’s manager given that 2019, stated in the memo on Friday that he took “complete obligation” for the selections that led to the layoffs.
Pichai, whose pay back was just lately tied more closely to performance, mentioned this was a instant to “sharpen our aim, reengineer our cost foundation and immediate our talent and money to our best priorities,” as Alphabet looked to get imbue its products with extra AI, echoing remarks from Microsoft that introduced work cuts on Wednesday.
Alphabet, extended a chief in AI, is dealing with levels of competition from Microsoft, which is reportedly on the lookout to strengthen its stake in ChatGPT – a promising chatbot that solutions queries with human-like responses.
Promotion pounds, Alphabet’s mainstay revenue supply, in the meantime, is experience the squeeze from organizations chopping budgets as consumers pull back spending.
“It is very clear that Alphabet is not immune from the tough financial backdrop, with problems about a U.S. recession escalating,” stated Susannah Streeter, an analyst at Hargreaves Lansdown.
“Ad advancement has come off the boil … Competitors is also heating up, with Alphabet experiencing a potent rival in TikTok, and Instagram also vying for its essential YouTube viewers,” Streeter reported, noting that Alphabet has also racked up billions in regulatory fines.
Evercore ISIS analyst Mark Mahaney stated Alphabet’s file-large headcount had made major margin danger going into fiscal 2023 and Bernstein analyst Mark Shmulik explained the task cuts could conserve the firm Alphabet $2.5 billion to $3 billion in expenses.
With Alphabet’s employees cuts, layoffs at 4 of the most significant U.S. tech businesses overall 51,000 work in the previous several months. They have fanned fears of a recession even as the U.S. position industry remains restricted.
“The tech sector is little bit like the proverbial canary in the coal mine,” stated Stuart Cole, an economist at Equiti Capital, who believes the tech layoffs portend that the outlook for career protection is finally commencing to flip far more unfavorable.
Apple, which employed extra prudently by the pandemic, has held off on cuts so much. On Friday, though, internet site AppleInsider claimed citing sources that the Iphone maker experienced began to lay off non-seasonal staff in its retail channel in spots such as Greatest Obtain stores.
Apple was not straight away offered for a remark on the report.
Graphic 2: U.S. tech businesses slash thousands of employment, https://www.reuters.com/graphics/United states of america-TECH/United states of america-TECH/zjpqjegnevx/graphic.jpg
‘LITTLE COMFORT’
Alphabet has been operating on a significant AI launch, two folks common with the make any difference advised Reuters. 1 of the sources reported it would just take place in the spring. The New York Occasions also claimed that Google prepared to unveil more than 20 new items and a search engine together with chatbot characteristics.
Among those shedding their jobs are recruiters, corporate staff and people today doing the job on engineering and product or service groups, Pichai explained. Google has cut most positions at Place 120, its in-residence incubator for new initiatives, a enterprise spokesperson told Reuters.
The Alphabet Employees Union said in a assertion that the firm’s leadership using “complete responsibility” was “tiny ease and comfort.”
“It is really appalling that our careers are very first on the chopping block so shareholders can see a couple a lot more factors in a chart up coming quarter,” the union reported.
In the United States, where Alphabet has presently emailed influenced staff members, staff would acquire severance and six months of healthcare as very well as immigration assist.
Overseas, layoff notifications will just take for a longer period because of to nearby work rules and procedures, Pichai said in the memo. Staff in Asia will study starting off in February if the reduction impacts them.
(Reporting by Jeffrey Dastin in Davos, Switzerland, Akash Sriram, Deep Vakil, Chavi Mehta, Tiyashi Dutta, Nivedita Balu and Yuvraj Malik in Bengaluru Editing by Elaine Hardcastle, Alexander Smith, Nick Zieminski, Sayantani Ghosh)
NEW YORK, Jan 13 (Reuters) – JPMorgan Chase & Co (JPM.N) and Lender of America Corp (BAC.N) continued to include staff members as the economic climate softens, even right after the ranks of the five most significant U.S. lenders swelled by 100,000 because the get started of 2020.
The main money officers of the two most important U.S. financial institutions stated they would retain the services of selectively in spite of waning economic development.
JPMorgan’s (JPM.N) Main Economic Officer Jeremy Barnum stated the lender is continue to selecting and “in development method” in a simply call with journalists to talk about the bank’s fourth-quarter earnings.
The bank’s headcount will most likely increase modestly, though “there will be distinct adjustments at various moments, and we are viewing that all throughout the company,” Barnum said.
Lender of America (BAC.N) also carries on to seek the services of, significantly in wealth administration, even though also remaining disciplined on its charges, Chief Economic Officer Alastair Borthwick instructed reporters on Friday. Its workforce swelled to 216,823 at the finish of 2022 as opposed with 208,248 a yr earlier.
“We never have any options for mass layoffs,” he reported.
Citigroup Inc’s (C.N)
Chief Fiscal Officer Mark Mason advised an earnings briefing “we’re actively hiring to execute against our system. But we are also repacing wherever that can make sense in gentle of the environment that we are in.”
The banking giants stood by their employing options even as other loan providers slice staffing in expense banking and home loans.
The projections came right after Goldman Sachs Inc (GS.N) became the initial main lender to start substantial layoffs this calendar year, allowing go of extra than 3,000 workforce in its most important round of occupation cuts given that the 2008 economic disaster.
BNY Mellon (BK.N) designs to slice around 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its workforce this yr, a source acquainted with the make any difference told Reuters on Friday. examine more
Among the five of the top 6 banking institutions, JPMorgan, Lender of The usa, Citigroup Inc (C.N), Goldman Sachs and Morgan Stanley (MS.N) included in excess of 100,000 work from the to start with quarter of 2020, based mostly on their fourth and 3rd quarter figures.
Wells Fargo bucked the development, reducing its headcount by approximately 21,000 in the exact same time period.
Reuters Graphics
Goldman experienced hired 10,600 persons because the commence of the pandemic, including workers for Marcus, its consumer banking device that was scaled back in Oct immediately after getting rid of income.
“It is a secure bet to say a lot more banking institutions might abide by as banking companies wrestle to make the math work from a bonus perspective and alter to lessen offer volumes,” Natalie Machicao, vice president at govt research company Sheffield Haworth in New York.
“Other banks are generating cuts, with equity cash marketplaces and leveraged finance a lot more deeply afflicted than coverage or M&A,” she explained, noting that the trims have been happening on an person basis or lesser scale relatively than a substantial reduction in drive.
Goldman’s price cuts replicate its reliance on investment decision banking and trading, which accounted for about 65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its income in the third quarter of 2022, as the dealmaking drought eroded revenue. That compares with Morgan Stanley, where by the equivalent enterprises produced up 45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its income in the same interval.
Dante DeAntonio, a director of economic investigate at Moody’s, reported employment in finance and insurance coverage plateaued in the fourth quarter and commenced to decrease in December.
That masked a weaker pattern in the credit history intermediation or banking, which has declined modestly more than the very last 6 months immediately after keeping flat for most of 2021 and early 2022, he reported.
“We count on payrolls to continue being flat to a bit down in the course of this year with the most threat coming from the residential and industrial lending divisions inside of these establishments,” DeAntonio reported. “In some perception, the tide has by now turned.”
Reporting by Saeed Azhar, Lananh Nguyen, Niket Nishant and Carolina Mandl Modifying by Lananh Nguyen, Nick Zieminski and Aurora Ellis
Mass redundancies, expending review beckons for Wall Street giant
Cuts to all important divisions anticipated, globally
Restructuring in Asian prosperity unit kicks off Wednesday’s layoffs
NEW YORK/LONDON/HONG KONG, Jan 12 (Reuters) – Goldman Sachs (GS.N) started laying off personnel on Wednesday in a sweeping value-reducing generate, with about a 3rd of those people influenced coming from the financial commitment banking and world markets division, a resource acquainted with the make any difference said.
The lengthy-anticipated work opportunities cull at the Wall Street titan is predicted to characterize the most significant contraction in headcount considering that the monetary disaster. It is most likely to have an impact on most of the bank’s significant divisions, with its expense banking arm struggling with the deepest cuts, a supply explained to Reuters this month.
Just above 3,000 workers will be enable go, the source, who could not be named, said on Monday. A individual resource verified on Wednesday that cuts experienced begun.
“We know this is a hard time for people today leaving the organization,” a Goldman Sachs assertion on Wednesday mentioned.
“We are grateful for all our people’s contributions, and we are supplying support to simplicity their transitions. Our aim now is to correctly dimensions the organization for the alternatives forward of us in a hard macroeconomic ecosystem.”
The cuts are aspect of broader reductions across the banking sector as a feasible world economic downturn looms. At minimum 5,000 individuals are in the system of currently being reduce from different banking companies. In addition to the 3,000 from Goldman, Morgan Stanley (MS.N) has reduce about 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its workforce, or 1,600 people today, a supply reported last month whilst HSBC (HSBA.L) is shedding at minimum 200, sources earlier mentioned.
Past calendar year was tough throughout teams together with credit rating, equities, and expense banking broadly, mentioned Paul Sorbera, president of Wall Avenue recruitment agency Alliance Consulting. “Numerous failed to make budgets.”
“It’s just aspect of Wall Avenue,” Sorbera explained. “We are used to observing layoffs.”
The newest cuts will lessen about 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Goldman’s headcount, which stood at 49,100 at the finish of the third quarter.
[1/3] A trader will work at the Goldman Sachs stall on the ground of the New York Inventory Exchange, April 16, 2012. REUTERS/Brendan McDermid/File Image
The firm’s headcount had included extra than 10,000 positions considering that the coronavirus pandemic as markets boomed.
The reductions arrive as U.S. banking giants are forecast to report reduce gains this 7 days. Goldman Sachs is predicted to report a internet financial gain of $2.16 billion in the fourth-quarter, according to a imply forecast by analysts on Refinitiv Eikon, down 45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from $3.94 billion internet income in the same interval a year earlier.
Shares of Goldman Sachs have partially recovered from a 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} slide past 12 months. The inventory shut up 1.99{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Wednesday, up close to 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} yr-to-day.
LAYOFFS Close to World
Goldman’s layoffs commenced in Asia on Wednesday, the place Goldman completed cutting back its personal prosperity administration company and allow go of 16 non-public banking team across its Hong Kong, Singapore and China offices, a source with knowledge of the matter mentioned.
About 8 team have been also laid off in Goldman’s exploration department in Hong Kong, the resource included, with layoffs ongoing in the expense banking and other divisions.
At Goldman’s central London hub, rainfall lessened the prospect of workers huddles. Quite a few safety personnel actively patrolled the building’s entrance, but several people today ended up entering or leaving the residence. A glimpse into the bank’s recreational spot just outside of its foyer showed a handful of staffers in deep dialogue but couple of signals of drama. Wine bars and eateries community to the office were also brief of publish-lunch trade, in stark distinction to big-scale layoffs of the previous when unlucky staffers would normally collect to console just one a different and approach their up coming profession moves.
In New York, workers were being witnessed streaming into headquarters during the early morning rush.
Goldman’s redundancy designs will be followed by a broader expending overview of company vacation and fees, the Fiscal Situations claimed on Wednesday, as the U.S. financial institution counts the expenses of a large slowdown in company dealmaking and a slump in cash markets activity given that the war in Ukraine.
The company is also chopping its annual reward payments this calendar year to replicate depressed market circumstances, with payouts predicted to slide about 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
Reporting by Sinead Cruise and Iain Withers in London, Selena Li in Hong Kong, Scott Murdoch in Sydney and Saeed Azhar in New York Enhancing by Josie Kao and Christopher Cushing
/cloudfront-us-east-2.images.arcpublishing.com/reuters/2YGTZ6ZBURNTDCXPBRGQ26LS54.jpg "Big U.S. banks continue to add jobs as Goldman Sachs cuts staff")
/cloudfront-us-east-2.images.arcpublishing.com/reuters/7ABGDG6CJRMTPBOUP3XRILIRDQ.jpg "Goldman job cuts hit investment banking, global markets hard -source")
