Wall Street banks are beginning to cut what may very well be hundreds of employees as recent economic uncertainties mount.

In recent weeks Morgan Stanley (MS), Goldman Sachs (GS) and Bank of America (BAC) all began workforce reductions that affect varied parts of their operations.

The layoffs come during a time of the 12 months when it’s common for Wall Street to cull some under performers and trim staff as a part of annual reviews.

The cuts also come at a time when hopes for an IPO bonanza and dealmaking boom in the primary 12 months of the brand new Trump era are being put to the test as a result of uncertainties surrounding the Trump administration’s trade policies.

Morgan Stanley is planning to chop around 2,000 employees by the top of the primary quarter, in line with an individual aware of the matter.

The reductions will affect front office and back office employees across all units. They won’t include Morgan Stanley’s army of 15,000 financial advisers however the layoffs will affect some people working for the advisers in support functions.

The person aware of the moves said they’re a part of the bank’s ongoing process to evaluate its resource needs based on its business priorities, location strategy and worker performance globally.

“It’s really about operational efficiency,” the person said, adding that “it doesn’t relate to market conditions.”

Goldman Sachs is planning cuts amounting to 3-5% of its workforce. Its headcount at the top of 2024 was 46,500.

The reductions are a part of its annual culling of under performers.

“Like other banks, this is a component of our normal, annual talent management process,” a Goldman spokeswoman told Yahoo Finance, declining to debate specifics.

The Wall Street Journal reported the culling will give attention to vice presidents, and that CEO David Solomon has told senior executives that lately the bank hired too many vice presidents relative to overall hiring.

At Bank of America, the corporate cut 150 junior investment bankers, The Wall Street Journal first reported Monday.

The move comes weeks after a bigger reduction as a part of BofA’s annual review process, first reported by Reuters.

That reduction amounted to cutting 1% of staff across each Bank of America’s global banking and markets divisions and included managing directors, directors and vice presidents, in line with an individual aware of the matter.

JPMorgan Chase (JPM), the country’s largest bank, hasn’t disclosed outright reductions but has indicated it’s backing off hiring after adding roughly 50,000 more employees over the past 4 years.