[1/2] The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New York City, New York, U.S., January 16, 2019.
Rivals Goldman Sachs Group Inc (GS.N) and Citigroup Inc (C.N) have also culled some staff.
Elsewhere on Wall Street, BlackRock Inc (BLK.N), the world's largest asset manager, has also frozen hiring except in critical roles.
"When I talk to our clients, they sound extremely cautious," Goldman Sachs CEO David Solomon told investors Tuesday.
Reporting by Manya Saini and Noor Zainab Hussain in Bengaluru; Additional reporting by Lananh Nguyen in New York; Editing by Krishna Chandra Eluri, Lananh Nguyen and Anna DriverOur Standards: The Thomson Reuters Trust Principles.