Wall Street Deals Keep Slumping

wall street to cut jobs

JPMorgan has lost up to 50% of its advisory revenue and there is no end to Wall Street deals continuing to slump. What’s more, a leading financial service provider will have nothing to do but cut jobs and reduce the size of bonuses for employees as a part of its cost restructuring plan.

JPMorgan says it is not that bad, as trading has witnessed a slight boost bringing a small 5% revenue increase. However, activities with a fixed income look stronger.

Wall Street Loses Brokers

Wall Street is experiencing a fierce decline in capital markets resulting in stocks showing their worst half since 1970. Bullish markets for bankers led to the situation when leading services are forced to cut positions and compensations.

Goldman Sachs, a proven leader in financial servicing, appeared to be the first to announce cutting hundreds of jobs in September. JPMorgan Chase is very likely to follow the same example.

What Do Numbers Say?

Some analytics still hope the declining pool of total investments will recover and bounce back to the level of 2020 ($123 billion). It was the largest pool ever with the rise from $79 billion in 2019 and $95 billion during the pandemic. In 2022, the investment pool was only $69 million. The drop is overwhelming.

While major investment banks and services cut employees, people still look for a simple way to trade on the falling market. A lack of professional traders may result in an increase of specialists who go online to offer to share their expertise on the web. It is a great opportunity to team up with a proven expert through a copy trading platform and share profit. A great option for beginners who do not know how to perform during a market crash.