Quarterly filings show BofA, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley cut more than 10,000 employees in Q2, the biggest quarterly headcount drop since early 2020. Only JP Morgan reported a slight increase in staff since end-Q1. Major lenders have now reduced staff for three consecutive quarters. Citigroup has continued headcount trimming in recent months as CEO Jane Fraser pushes to lift returns. BofA CFO Alastair Borthwick said on the earnings call this week, "Over the past six

Quarterly filings show BofA, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley cut more than 10,000 employees in Q2, the biggest quarterly headcount drop since early 2020. Only JP Morgan reported a slight increase in staff since end-Q1. Major lenders have now reduced staff for three consecutive quarters. Citigroup has continued headcount trimming in recent months as CEO Jane Fraser pushes to lift returns. BofA CFO Alastair Borthwick said on the earnings call this week, "Over the past six quarters we've executed very well on workforce management." BofA headcount was down nearly 1% YoY.