Most major U.S. investment banks pledged to avoid layoffs due to the massive outbreak of Neoconiosis (a Chinese communist virus) in New York last year. But now that the vaccine is available, that pledge has disappeared.
Market sources say Bank of America will lay off some employees in its global banking and markets division, signaling the end of the no-layoff pledge, while the international campaign to control the outbreak continues.
Among the six U.S. banking giants, Wells Fargo first broke its silence at the start of the second half of last year, implementing layoffs amid mounting pressure to cut costs, followed by Goldman Sachs and Citi.
JPMorgan Chase never committed to a complete moratorium on layoffs, and Morgan Stanley had said it would avoid layoffs last year, but the company’s acquisition of Eaton Vance is scheduled to end March 1, and layoffs are a typical practice in any merger.
Foreign media quoted Wall Street investment banking sources pointed out that the U.S. bank layoffs are part of the staff restructuring that usually takes place on Wall Street at this Time of year after bonuses are paid, and the layoffs will affect sales and trading, research, investment banking and capital markets sector employees.