[Wall Street Investment Banks See Largest Layoffs in Six Years in Q2] According to a report by Jinse Finance on July 17, based on employee data disclosed in quarterly earnings reports by U.S. banks, the number of employees at Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley decreased by over 10,000 in the second quarter, marking the largest quarterly drop since early 2020. Among major banks, only JPMorgan Chase saw a slight increase in headcount after the end of the first quarter. This year, Wall Street firms have been rapidly cutting staff, with the largest lending institutions experiencing layoffs for three consecutive quarters. Many companies are striving to control costs. For instance, Citigroup has been streamlining its workforce in recent months, as CEO Jane Fraser focuses on improving the bank's return on equity. "Our workforce management over the past six quarters has been very effective," Bank of America CFO Alastair Borthwick said earlier this week during an earnings call. The bank's headcount is down nearly 1% compared to the same period last year.