If anyone is still laboring under the illusion that banks won't be making a massive reduction in force (RiF) in the coming weeks and months, today's results from JPMorgan, Bank of America and Citi should enlighten them. Cuts are definitely coming. And there is good reason for them to be large.
March 2022 is a long time ago now, but when the war in Ukraine began and investment banking revenues first plummeted, layoffs began to be mentioned. At that time, the verdict was that it was best to wait - after spending 2021 building up their investment banking divisions in the face of talent shortages, banks didn't want to immediately cut them back. Revenues might return; deals might be done again.