Wall Street Banks Cut 5,000 Jobs Even as They Notched Record Profits

The biggest banks on Wall Street didn’t let record earnings stop them from trimming more than 5,000 jobs in the first quarter.

Four of the six largest US banks reduced their headcount during the first three months of the year, with Wells Fargo & Co. leading the way with more than 4,000 cuts, while JPMorgan Chase & Co. and Morgan Stanley added staff. That came as the six banks racked up $47.3 billion of net income on the back of higher revenue from fixed-income and stock trading as the war in Iran spurred market swings.