Investing
Biggest US Banks Beef Up Workforces Even With Recession Looming
- Goldman adds most staff by percentage, plans to slow hiring
- Compensation ‘ultimate weapon’ if things worsen, Gorman says
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Even amid the tightest labor market in half a century and fears of a recession on the horizon, banks are still adding to their ranks.
Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co. and Citigroup Inc. each reported a substantially larger workforce in the second quarter compared with a year earlier. New York-based Goldman had the biggest boost in employment, increasing its staff by 15%. Across the six biggest US banks, the average gain in employment was 5.5% compared with mid-2021.