Job cuts are reportedly occurring across multiple divisions, including investment banking, trading, investment management and wealth management. Within wealth management, private bankers and back-office support staff were among those affected. Layoffs began last week, with many occurring Wednesday, according to sources cited by WSJ.
The reductions are expected to impact some 2,500 positions out of the roughly 83,000 the firm reported at the end of 2025. The exercise is global in nature, spanning the firm's three primary business units: Institutional Securities, Wealth Management, and Investment Management. The rationale for the reduction is a combination of shifting business priorities, a revised global location strategy, and individual performance reviews.
To my incredible colleagues at CBS: I want to personally let you know that my work will soon no longer appear on CBS News. This is my decision, and I appreciate the bosses at CBS for understanding it. For the next phase of my career, I look forward to some independence and finding new spaces to share my work in line with my personal goals.
CNN staffers' anxieties stem in part from Paramount's recent stewardship of CBS News, which has faced internal turmoil and declining ratings. Paramount's early moves including installing former opinion journalist Bari Weiss in a top editorial role have sparked complaints from staffers concerned about perceived ideological direction and newsroom interference.