Wall Street is cutting its way to profitability

ezgif.com-resize (2)Wall Street pulled off a minor miracle of sorts last week, with most of the biggest banks matching or topping their earnings estimates.

For most banks, it came in part through headcount reductions.

Citigroup , which reported earnings Friday morning, topped estimates but reduced headcount by 6 percent, to 239,000. Bank of America , which announced results Thursday, saw staffing shrink about 3 percent, to 213,183. JPMorgan Chase staff shrunk 2 percent, to 237,420.

Only Wells Fargo added staffers, growing 1 percent to 268,600.

In 2015, the number of staffers in the securities industry in New York rose to a post-crisis high of 172,400, according to a report New York State Comptroller Thomas P. DiNapoli released last month. And, while the numbers reported by banks stretch across the country, it’s still not a good sign for Wall Street that management positions are being eliminated.

Source: HITC

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