As of the end of December, the combined number of employees at six major financial institutions – JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc., and Morgan Stanley – was 1.09 million, the lowest level since 2021.
The last time such a large number of job cuts were reported was in 2016, according to Bloomberg.
Wells Fargo had the highest number of layoffs last year, with more than 12,000 positions eliminated. The bank’s employee count fell to its lowest level since 2008, reaching 205,198.
Citigroup reduced its workforce by 3,000, whereas Goldman Sachs and Morgan Stanley saw an increase in their employee numbers.
source: bloomberg.com
