JPMorgan and Goldman Sachs cut jobs as Wall Street layoffs continue

Several big banks are making staff cuts across their businesses amid a downturn in dealmaking, according to reports. Goldman Sachs is cutting roughly 125 managing directors, a source told Bloomberg, including some in investment banking. Not all of the cuts have happened yet, the source said. The cuts represent Goldman’s third reduction in force over the past year. The bank slashed 3,200 positions in January, after cutting a few hundred in September. JPMorgan Chase, for its part, is cutting 40 North America-based investment bankers, in addition to previously reported international reductions, sources told Bloomberg and Reuters. JPMorgan’s cuts, like Goldman’s, are reportedly across all seniority levels. They follow the elimination of 20 Asia-based investment banking jobs last week.