JPMorgan and BofA cautious on job cuts as Goldman Sachs' layoffs loom

As the risk of recession looms and the Federal Reserve raises interest rates to curb inflation, deal markets have dried up

JPMorgan Chase and Bank of America, the two largest U.S. banks by assets, expressed caution about job cuts in contrast with Goldman Sachs, where hundreds of layoffs could start as early this month.
 

"You need to very careful when you have a bit of a downturn to start cutting bankers here and there because you will hurt the possibility for growth going forward," Daniel Pinto, president and chief operating officer of JPMorgan, told investors at a conference Tuesday. "If anything, in some environments like this, there may be some very, very top bankers that you could not access or hire