The bank was already mulling headcount and compensation reductions in early September.

Truist Financial eliminated about 5% of its investment banking division amid uncertainty surrounding the dealmaking environment, according to people with knowledge with the matter.

The layoff round, which a spokesperson said represents "less than one quarter of one percent of the roles in the company," comes after Rocket announced a 20-person reduction in the marketing team in early January.

The fintech is also relying more heavily on its bank charter as rising interest rates make selling loans to investors more challenging.

The Arizona-based lender has been in business for 35 years and has branches in over 20 states.

The firm said it would still originate and service loans out of the office where the cost-cutting measures will occur.

Bank of America is slowing hiring as fewer employees leave in an attempt to manage the company's headcount ahead of a possible U.S. recession, Chief Executive Brian Moynihan said.

The firms trimming payroll include lenders, a mortgage insurance giant, an iBuyer and an online notarization software provider.

While the total number is less than some previous rounds, the reductions are a resumption of Goldman's annual culling cycle that it had largely paused during the pandemic, according to people with knowledge of the matter.

The Minneapolis company, which increased its minimum wage to $18 an hour in June, will bump it up to $20 in response to inflationary and competitive pressures.