Wall Street Expands Workforces Even as CEOs Talk of Cutbacks
- Goldman Sachs saw largest growth, with a 14% increase
- Wells Fargo is the only of six major banks with reductions
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The biggest US banks keep adding to their workforces even as executives from Wall Street firms Goldman Sachs Group Inc. and Morgan Stanley talk of scaling back amid a slump in dealmaking and capital markets.
Goldman, Morgan Stanley, Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp. all reported third-quarter headcounts that were up from the previous three months and a year earlier. Of the six largest banks, all of which reported financial results in the past week, only Wells Fargo & Co. cut the size of its staff, with a 5.8% reduction from a year earlier.