Who on Wall Street is making cuts, who's promoting, and who's hiring

Good morning! I’m Michelle Abrego filling in for Dan DeFrancesco as we – and the markets – are off observing Martin Luther King Jr. Day.

Today, we’re going to be running through five stories you might have missed while you’ve been focusing on keeping your New Year’s resolutions and laying out your 2023 plans.

One thing that’s apparent on Wall Street is that many people are worried about their jobs and compensation. We’ve already seen layoffs at  Goldman Sachs, BlackRock, and BNY Mellon materialize, and there’s likely more bad news to come.

Readers have been gravitating to our coverage about job cuts, but also promotions, and how to find opportunities on the Street— as they say, when one door closes, another one opens. Check out some of those stories below.

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Business people walking around dark skyscrapers and Wall Street sign 2x1Business people walking around dark skyscrapers and Wall Street sign 2x1

Business people walking around dark skyscrapers and Wall Street sign 2×1

Rachel Mendelson/Insider

1. Wall Street bonuses are being handed out—but they’re not going to be pretty. Here’s when banks like JPMorgan, Goldman Sachs, and Morgan Stanley are expected to tell employees how much they made.

2. Goldman kicked off layoffs from NYC to Dallas last week. Insiders broke down what it was like to be laid off after a “hectic” year. (The bank is still hiring in some areas, though).

3. The world’s largest asset manager, BlackRock, also made its first cuts since 2019. Sources told Insider employees had been on edge, as rumblings about the layoffs spread.

4. College students still eyeing a job on Wall Street should look no further than our guide to landing a summer job at a top investment bank or asset manager.

5. Morgan Stanley delivered good news to 184 employees. The bank announced who made it to its top managing director ranks. Hedge fund Balyasny also announced 7 new partners.

Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London. 

Read the original article on Business Insider

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