The Strategist

Leading US banks cut around 20,000 jobs since the start of 2023

10/24/2023 - 10:21

This year, major US banks, except for JPMorgan Chase & Co., have been steadily reducing staff.

MISOM Public Information
MISOM Public Information
According to CNBC, which cited information from the banks' filings, Citigroup Inc., Bank of America Corp., Morgan Stanley, Wells Fargo & Co., and Goldman Sachs Group Inc. had collectively eliminated almost 20,000 jobs since the start of the year.

U.S. financial firms actively boosted staffing levels during the COVID-19 epidemic due to increased activity in the sector. However, the US economy has cooled, there is less demand for mortgages, and mergers and acquisitions (M&A) and bond offers have decreased as a result of the Federal Reserve's (Fed) tightening monetary policies.

"Banks are making cost reductions wherever possible, given the extremely uncertain outlook for the upcoming year," says Christopher Marinac, Research Director at Janney Montgomery Scott.



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