In an effort to cope with the global recession, US financial and banking giants cut a series of employees.

As the financial market becomes gloomy, financial and banking giants in the US are having a headache to cut costs and boost revenue to cope with the global recession.

In an effort to cope with the global recession, US financial and banking giants have cut a series of staff.

JPMorgan Chase is cutting nearly 40 investment banking staff in the US, Bloomberg reported, citing close sources.

The cuts come after months of sluggish markets that have reduced trading capacity across Wall Street and forced banks to lay off thousands of employees.

JPMorgan's investment bank trading revenue and earnings are expected to fall 15% in the second quarter of 2023, Chairman Daniel Pinto warned last month.

JPMorgan's job cuts are also due to the environment, the source said, noting that the bank is still hiring executives and staff in key areas.

Rivals Goldman Sachs Group, Morgan Stanley and Citigroup have also laid off many investment bankers as the turmoil has disrupted economic activities.

Citigroup is also planning to cut hundreds more jobs across the company, including about 30 in its investment banking division and another 20 in its London banking division.

Sharing with Bloomberg news site, an anonymous source said that about 125 executives of Goldman Sachs - in both banking and investment fund sectors - are likely to lose their jobs in the near future.

However, this reduction will not be made public and the personnel involved in the case are also required to keep it confidential. Currently, a representative of Goldman Sachs has refused to comment on this information.

It is known that the above-mentioned personnel cuts are part of the group's cost-saving campaign, after at least three previous cuts took place in less than a year.

In 2020 and 2021, Goldman Sachs and the banking industry in general increased hiring amid M&A deals and new company listings. However, as financial markets became gloomy, these units had to struggle to cut costs and boost revenue.

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