Goldman, Morgan Stanley, JPMorgan Layoffs to Hit Northeast

It’s beginning to look a lot like layoffs in the Northeast.

Goldman Sachs, JPMorgan, and Morgan Stanley are set to fire hundreds of workers from their New York City and New Jersey offices later this month, according to filings in those states. The downsizes run the gamut from 3% to 5% of the global workforce for Goldman Sachs to potentially 2,000 roles for Morgan Stanley, according to a March report from Bloomberg. The dismissals are the latest in a series of corporate layoffs across most major US banks — affecting both advisors and higher-level executives — and are in line with annual workforce strategies. Wirehouses are known to routinely trim staff to make way for new recruits. 

“We regularly review our business needs and adjust our staffing accordingly — creating new roles where we see the need or reducing positions when appropriate,” said a JPMorgan Chase spokesperson. “Our strategy has not changed, and we run the company to invest through the cycle.”

Tough to Be a Banker

The last major series of bank layoffs was in 2023, when the major wirehouses — with the exception of JPMorgan Chase — laid off a combined 20,000 workers. Goldman, which cuts 3% to 5% of its workforce annually, reportedly cut 5% of its workforce that year, and Morgan Stanley cut 2%. Last calendar year wasn’t much better, with additional cuts at the beginning of 2024. 

Morgan Stanley’s CEO told CNBC at the time that one major reason for the layoffs was a lack of attrition, as job-hopping slowed that year. Other reasons for the ongoing restructuring include broader stock market weakness following President Trump’s tariffs, and a rise in the use of AI, which may soon make certain back-office roles obsolete. The dismissals include:

• Goldman Sachs firing 310 workers from its New York City headquarters starting June 22.

• Morgan Stanley cutting 230 jobs, excluding financial advisers, from seven of its New York offices starting June 17.
• JPMorgan Chase terminating 145 people from its New Jersey locations starting June 23.

“We are committed to New Jersey and have more than 12,000 employees working in the state with more than 575 open positions,” the JPMorganChase spokesperson told Advisor Upside, adding that the company is complying with new amendments to the WARN Act in the state, which requires employers to report layoffs that impact 50 or more employees.

Old News. The Goldman cuts are taking place in the spring this year, as opposed to the second half of the year, and will target VPs, according to The Wall Street Journal. The moves are “part of the same talent exercise that was widely reported on earlier this year,” a Goldman Sachs spokesperson said via email. “There is nothing new about this.”