Three of Wall Street's biggest names - Morgan Stanley, Goldman Sachs, and JPMorgan Chase - are pressing ahead with layoffs this month, trimming hundreds of positions across New York and New Jersey, as reported by ThinkAdvisor.
Goldman Sachs disclosed plans to cut 310 jobs at its Manhattan headquarters at 200 West Street, with layoffs set to begin June 22. The company filed a Worker Adjustment and Retraining Notification ("WARN") notice with New York state confirming the move. Earlier this year, Bloomberg reported that Goldman, which employed 46,500 people at the close of 2024, aimed to reduce 3 percent to 5 percent of its workforce this spring, continuing its annual job reduction strategy. ThinkAdvisor notes that the cuts primarily would target vice presidents.
Morgan Stanley will also implement significant job cuts, informing state officials of its intent to lay off 230 employees across seven New York City offices starting June 17. In March, Bloomberg reported that Morgan Stanley expected to eliminate approximately 2,000 positions in 2024, though financial advisors would be spared from the reductions. The firm, which has a global workforce exceeding 80,000 across more than 40 countries, indicated these cuts were planned before recent market fluctuations.
JPMorgan Chase is making similar moves in New Jersey. The bank has notified state officials of 145 layoffs in Jersey City, effective June 23. This announcement follows 121 job cuts earlier in May, with an additional 63 set for August. At the end of 2024, JPMorgan Chase employed over 187,000 people in North America and more than 300,000 worldwide. The company's Jersey City campus alone supports over 4,000 employees, according to its website.
ThinkAdvisor reports that the layoffs reflect broader restructuring efforts across major financial institutions as firms navigate shifting market conditions, economic uncertainty, and evolving business priorities.
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