Wall Street cuts its way to profitability

Financials in the spotlight

Wall Street pulled off a minor miracle of sorts this week, with most of the biggest banks matching or topping their earnings estimates.

For most banks, it came in part through head count reductions.

Citigroup, which reported earnings Friday morning, topped estimates but reduced head count by 6 percent, to 239,000. Bank of America, which announced results Thursday, saw staffing shrink about 3 percent, to 213,183. JPMorgan Chase staff shrunk 2 percent, to 237,420.