In this episode, Scott Becker discusses reports of small-scale layoffs at major banks, including BofA, Morgan Stanley, Goldman Sachs, and JPMorgan.
Chapter 1: What is the main topic of this episode?
Chapter 2: Which banks are experiencing layoffs?
this is scott becker with the becker private equity and business podcast today's discussion is big banks small layoffs so here's the gist of this today you've got four of the biggest banks BFA, Morgan Stanley, Goldman Sachs, JP Morgan. JP Morgan, it's rumored that they're doing trimming. It's not been quite announced, I think, directly.
Chapter 3: What percentage of layoffs are occurring at these banks?
Chapter 4: What does a 'soft landing' mean in context of layoffs?
But all four of these are doing small layoffs, small reductions in force, 2% to 3%. In some areas, it's heavy on investment banking. Investment banking has come through. Let's hope that this is a – The notion of a soft landing that we're getting a couple percent layoffs versus big, big layoffs. And again, we always say half tongue in cheek, but very real to those who are laid off.
Reduction in force is a stat until you're the person who gets laid off. A recession is fine, but when you get laid off, it's a depression. So we have great empathy for those that are laid off and lose their jobs. But that's what we're hearing today. Four big banks, small layoffs, B of A, Morgan Stanley, Goldman Sachs, JP Morgan. Let's see how that plays through.
Thank you for listening to the Becker Private Equity and Business Podcast. Thank you.