Wall Street's latest problem: too many bankers and not enough deals.

Amid new regulation, lower profits and a dreary market for mergers and acquisitions, several banks are planning to trim investment-banking units that were built for an era of deals aplenty.

Having already slashed bonuses, banks including Citigroup Inc., C +0.54% Goldman Sachs Group Inc., GS +2.08% J.P. Morgan Chase JPM +0.86% & Co. and Morgan Stanley MS +1.59% are preparing to cut dozens of jobs, including some held by senior bankers, according to people familiar with the matter. As they pursue this targeted round of trims as soon as next month, they and rivals are also revisiting profit expectations for their advisory businesses, people familiar with the matter said.

 

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