Wall Street is reportedly bracing for its biggest layoff streak since 2008.

Banks are preparing to lay off tens of thousands of workers in an industry-wide carnage expected to be the biggest on Wall Street since the 2008 financial crisis, according to the report.

The massive layoffs are looming after banks have built up their workforce over the past two years as a flood of mergers and acquisitions, initial public offerings and SPACs flooded them.

At the same time, most banks have stopped their annual culling of 1% to 5% during the pandemic. Now, some banks are seeing investment banking revenues halved even as payrolls have risen sharply.

Goldman Sachs, Morgan Stanley, Credit Suisse and Bank of New York Mellon have already cut more than 15,000 jobs in the past few months, according to the Financial Times. These cuts may just be the start, according to some industry insiders.

“The banks have been hiring crazy over the past few years,” John Brough, CEO of recruiting firm Breault & Smith, told The Post. “So far, these layoffs have been normal cutbacks, but things could get worse.”

Goldman Sachs, often considered one of the most aggressive banks when it comes to layoffs, cut roughly 3,200 employees, or 6.5% of its workforce, earlier this month. suit, insiders suggest.

“The heads of other banks are being asked if our headcount is up to the required level given the economic conditions?” Bro said.

Although Goldman cut the same number of employees after the financial crisis, the size of the bank was closer to 33,000 employees, much less than the nearly 50,000 employees Goldman had just a month ago.

Morgan Stanley laid off about 1,800 employees last month, about 2% of its global workforce. The company’s CEO James Gorman said the bank was “frankly a little late” for the trim as it “didn’t do anything for a couple of years”. The Bank of New York Mellon is making smaller cuts, shedding roughly 1,500 employees, or 3% of its workforce, according to the Financial Times.

Some banks have yet to announce any cuts. Bank of America CEO Brian Moynihan said the company “had no plans for mass layoffs.” Moynihan said recruitment could slow down, but nothing more.

Citigroup has not yet decided whether it will lay off employees, but its chief financial officer, Mark Mason, acknowledged that “if restructuring is necessary, we also do this.”

Credit Suisse will see the sharpest cuts, with the Swiss bank cutting 9,000 positions from its 52,000 employees – or 17% – as the troubled bank attempts to restructure.

Of course, layoffs usually occur at the worst possible time for employees to find other jobs.

“You have this terrible stream of quality coming into the market, but who is taking it away?” Tucker told the Financial Times. Bayside is not going to hire these people this time. They just don’t have the opportunity.”