Despite many bank CEOs saying that the onslaught of financial layoffs that permeated the news last year has ended, the Wall Street Journal is reporting that several of the biggest banks are planning to cut jobs in its investment banking division due to low deal volume and the fact that the current investment banking teams were built for a different time period where business opportunities thrived.
Having already slashed bonuses, banks including Citigroup Inc., Goldman Sachs Group Inc., J.P. Morgan Chase & Co. and 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.
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