New York & Tri-State + Downtown New York + Finance | December 6, 2022

Job Cuts Return to Wall Street as Deal Prospects Diminish

Job cuts are returning to Wall Street, CNBC reported Tuesday. Citigroup reportedly laid off roughly 50 trading personnel this week as well as dozens of banking roles amid a slump in deal-making activity. London-based Barclays cut about 200 positions across its banking and trading desks this week, according to sources.

Goldman Sachs, which cut 200 jobs in September, warned again Tuesday about market conditions, according to Bloomberg News.

Although the layoffs have been shallow in nature, especially compared with the tech sector, “the moves may only be the start of a trend if capital markets remain moribund,” reported CNBC.

“Most of the banks are budgeting for declines in revenue next year,” a person involved with providing data and analytics to the industry told CNBC. “Investors know the general direction of the market, at least in the first half, and the thinking is that client demand for hedging has probably peaked.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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