To name a few examples, megabank Bank of America ( BAC -5.74%) was down by 6% for the day. Investment banking leader Goldman Sachs ( GS -3.75%) had fallen by 5%. And app-based banking platform SoFi ( SOFI -3.87%) was lower by more than 6.5%.

The investment banking giant stands by its practice of regular staff cuts often called its ‘annual cull,’ trying to cut between 3 and 5 percent of its workforce of 46,500.

Goldman Sachs plans to trim its staffing by 3% to 5% in an annual performance review process this spring, said a source familiar with the matter who declined to be identified discussing personnel matters.

Parkland Corp. plans to consider strategic options, including a potential sale, as the Canadian fuel retailer grapples with pressure from an investor.

The issue was discussed by CEO David Solomon and the bank’s partners at their annual meeting in Miami earlier this month, multiple sources told The Post.

Last year, the bank promoted 387 employees to managing director roles in 2024, more than half of whom were women and people of color.

Goldman Sachs named David Dubner as chief operating officer of global mergers and acquisitions, according to a memo seen by Reuters on Wednesday, beefing up leadership in one of its most important businesses.

Bank of America cut shares of Air Lease (NYSE:AL – Free Report) from a buy rating to an underperform rating in a report released on Friday morning, Marketbeat reports. Bank of America currently has $50.

Bank of America, SoFi, and Goldman Sachs are all down by more than 5% after tariffs went into effect. Fears of economic turbulence are outweighing the expectations for lower interest rates.

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The financial sector is one big example of this, and many bank stocks were dramatically underperforming the market. At first glance, you might think banks could get some positive tailwinds from ...