Overview
- The layoffs total about 3% of the roughly 83,000-person workforce and began in late February, with actions continuing through early March.
- Roles are being eliminated across Institutional Securities, Wealth Management and Investment Management, affecting front- and back-office positions.
- Financial advisers in the field are not included in this round, with most wealth-management reductions focused on home‑office roles.
- The move follows a record 2025, when revenue reached about $70.6 billion and fourth‑quarter investment banking revenue rose 47%.
- The Wall Street Journal first reported the cuts, which multiple outlets corroborated; the bank declined detailed comment and has not cited AI as the rationale while signaling selective hiring elsewhere.