Wall Street banks including JPMorgan and Bank of America have already begun annual culls targeting underperforming employees, while Goldman Sachs and Morgan Stanley are planning to lay off staff in the coming weeks. If deals do not recover in the coming months, other major banks and boutiques will be forced to reevaluate their workforces, analysts and recruiters warned. "There's an expectation that investment banking pickup is delayed, not dead," said Mike Mayo, a banking analyst at Wells Fargo. "But if we're having this discussion in the middle of the summer, that could be a different story. If the revenues aren't coming in, then employees bear the brunt." Larger banks are quicker to reduce headcount, while boutiques could follow later, said Chris Connors, principal of Johnson Associates, a compensation consultant. "If the pipeline does not materialize quickly, then they'll make moves to reduce staffing levels," he said.