The short answer Banks are still shrinking headcount, but mostly through performance-based cuts and other quiet tools, not classic reductions in force (RIFs). The two are different decisions. A RIF eliminates positions. A performance-based cut removes a person, and...
Wall Street just posted one of the best quarters in its history. Goldman Sachs had the best quarter in its 157-year existence. JPMorgan beat estimates by one of the widest margins in years. Trading and dealmaking revenue surged across every major bank. And yet, in...
Lazard just did something that’s easy to read the wrong way. Read as a standalone story, an 80-plus managing director reduction alongside a 91% drop in quarterly net income looks like trouble. Read in context — a record dealmaking market, a firm mid-turnaround,...
In investment banking, almost nobody leaves a seat cleanly. There’s a reorg, a desk gets consolidated, a staffing model changes, a relationship sours, or performance falls short of an increasingly moving bar. Whatever actually happened, what matters to the next...
Wall Street’s most storied investment bank is overhauling the way it manages its workforce — and the changes could ripple across the financial industry. Goldman Sachs, one of the most influential financial institutions on Wall Street, is preparing to launch a...
Image Credit: NY Post The Paradox On Tuesday, Goldman Sachs posted results that most banks would celebrate without qualification: profit up 37% to $4.1 billion, revenue climbing 20% to $15.18 billion, investment banking fees surging 42%. The firm is on track for its...
