The second quarter of Wall Street was the largest in six years

On 17 July, United States banks, banks of rich countries, Citigroup, Goldman Sachs and Morgan Stanley reduced the number of employees by more than 10,000 in the second quarter, the largest quarterly decline since the beginning of 2020, according to employee data disclosed by United States banks in quarterly financial statements. Of the major banks, only Morgan Chase has increased slightly after the end of the first quarter. This year, Wall Street companies are rapidly downsizing their staff, with the largest lending institution having experienced three consecutive quarterly layoffs. Many enterprises are trying to contain costs. Citigroup, for example, has been streamlining its staff in recent months, and Chief Executive Officer Jane Fraser is working to increase the bank's rate of return. “Our staff size management has been very good over the past six quarters,” Alastair Boschwick, Chief Financial Officer of the United States Bank, said at a teleconference earlier this week. The number of employees at the Bank decreased by nearly 1 per cent compared to the same period last year。