Now even Banks aren't able to escape Layoffs

News of jpmc doing layoffs after Morgan Stanley last week is out. Wanted to know if any teams, departments or employees in India, Mumbai and Bangalore are affected? If anyone has any info, please share.

Saw this article https://m.economictimes.com/news/international/business/morgan-stanley-plans-more-job-cuts-us-media/amp_articleshow/99919947.cms

The economy went down? Yes. Did it affect all kinds of companies? Yes Did the banks fire any one? No Did the Railways fire anyone? No Did the media agencies fire anyone? No Did Large Tech companies and IT fire people? Absolutely yes Tech is the most ruthless-stupid sector that is so flimsy and short sighted that it doesn't care jack-shit about employees Tech companies will pay employees large salaries in a heartbeat, they'll hire 1000s of them and then fire 100s of them in a heartbeat destroying careers. Sigh!

Apparently a huge Goldman Sachs layoff is about to come soon. The company has taken a huge cost reduction target https://www.dailymail.co.uk/news/article-11581161/Goldman-Sachs-CEO-David-Solomon-warns-mass-layoffs-just-weeks-away.html

What are your predictions for 2023?

https://www.reddit.com/r/FinancialCareers/s/Mgw1iOMZwh

Every other guy I see these days is joining JP Morgan/wells Fargo/HSBC/Citi etc. Seems kind of weird. Not to mention insane hiring leads to layoffs as we know....

https://www.bloomberg.com/news/articles/2024-01-12/citigroup-to-cut-20-000-roles-in-fraser-s-bid-to-boost-returns

They've hired Boston Consulting Group to help them carry out their plan. The plan is to cut atleast 10% in major units. The project is termed Project Bora Bora. They will be eliminating regional managers, co-heads and other employees with overlapping responsibilities. Chief of staffs and chief administrative officers will be cut this month. Operations staff who aided divisions that have been divested or reorganized are also at higher risk of layoffs.

From the last few days there were talks going on about layoffs in Morgan Stanley. Some 7% of the global staff will be handed over the pink slip in this week. Well... It started happening from today ... Few colleagues from my department were laid, and the reason being "company is trying to survive in the market, company is planning the road ahead by taking such bold steps". When this was announced, my anxiety shot up the next level and I couldn't wait for the meeting to finish. The past few years have not been great for the business worldwide due to which many companies are forced to take such steps. These companies just have been doing a hiring spree from the last 1-2 years that now they are regretting their decisions and letting off their employees. My question is - "If a company hires excessively during the bull market and is forced to lay off few of the employees during the downturn, has the company made an error by not evaluating the headcount or it was just simply the need of the hour" Please note - I know many people out there who have faced job cuts due to many factors, sincerely requesting people to take this matter very seriously