Shrinking Valuations Drive Bank Payroll Cuts

Shrinking Valuations Drive Bank Payroll Cuts

Jin Lee/Bloomberg

Net revenue at the six largest U.S. lenders -- Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), Wells Fargo & Co. (WFC), Goldman Sachs Group Inc. (GS) and Morgan Stanley -- will probably fall 3.7 percent in the second quarter, the fourth year-over-year decline in five quarters, according to 100 analyst estimates compiled by Bloomberg.