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Goldman Sachs Group Inc GS-N is planning to cut thousands of employees to navigate a difficult economic environment, a source familiar with the matter said. The layoffs are the latest sign that cuts are accelerating across Wall Street as dealmaking dries up. Investment banking revenues have plunged this year amid a slowdown in mergers and share offerings, marking a stark reversal from a blockbuster 2021 when bankers received big pay bumps. Goldman Sachs had 49,100 employees at the end of the third quarter after adding significant numbers of staff during the pandemic. Its headcount will remain above pre-pandemic levels, the source said. The workforce stood at 38,300 at the end of 2019, according to a filing. The bank is weighing a sharp cut to the annual bonus pool this year, a separate source familiar with the matter said. That compares with increases of 40 per cent to 50 per cent for top-performing investment bankers in 2021, Reuters reported in January, citing people with direct kn...

Morgan Stanley MS-N Chief Operating Officer Jon Pruzan will retire from the bank at the end of the month, according to a memo seen by Reuters. Formerly the finance chief at the Wall Street titan, Pruzan was made COO as part of a leadership shakeup in mid-2021, which resulted in four new appointments. At the time, the bank’s chief executive, Jamie Gorman, said he was “highly confident” one of the four would be the bank’s CEO in the future. Investors have long been speculating about who would succeed Gorman, who joined the bank in 2006 and took over as CEO in 2010. With Pruzan gone, the list of potential successors to Gorman include co-presidents Ted Pick and Andy Saperstein and investment management chief Dan Simkowitz. The contents of the memo were confirmed by a spokesperson for the bank. Bloomberg News first reported Pruzan’s exit. https://www.tausiinsider.com/morgan-stanley-coo-jon-pruzan-to-retire-at-end-of-month-memo/?feed_id=325600&_unique_id=63f886dd3e2d9

The Goldman Sachs company logo on the floor of the New York Stock Exchange, on July 13, 2021. Brendan McDermid/Reuters Goldman Sachs GS-N began laying off staff on Wednesday in a sweeping cost-cutting drive, with around a third of those affected coming from the investment banking and global markets division, a source familiar with the matter said. The long-expected jobs cull at the Wall Street titan is expected to represent the biggest contraction in headcount since the financial crisis. It is likely to affect most of the bank’s major divisions, with its investment banking arm facing the deepest cuts, a source told Reuters this month. Just over 3,000 employees will be let go, the source, who could not be named, said on Monday. A separate source confirmed on Wednesday that cuts had started. The cuts are part of broader reductions across the banking industry as a possible global recession looms. At least 5,000 people are in the process of being cut from various banks. In addition to th...

Morgan Stanley has promoted 184 executives to the role of managing directors this year, lower than 199 a year earlier, but list included a record proportion of women, according to a person familiar with the matter. Among the newly promoted executives, 38% of the 2023 managing directors were women, which was a record high and helped boost overall women managing directors to 24% for the Wall Street bank, the person, who asked not to be identified before the formal release of names, told Reuters. Other banks have also been promoting female executive to top ranks. Citigroup Inc in 2021 became the first Wall Street bank to make Jane Fraser its first female chief executive. Citigroup promoted over 100 women to the role of managing director, the highest ever for the bank, according to a memo seen by Reuters last month. Of U.S.-based managing directors being promoted at Morgan Stanley, 5% are Black, 2% are Hispanic and 21% are Asian, the person said. Regionally, 66% of new managing directors...