leading US banks may cut up to 11,000 jobs – Kommersant
[ad_1]
Estimated Financial Times (FT), the volume of staff cuts in the largest US banks in 2023 may reach 11 thousand people. On plans to lay off 5 thousand people the day before announced Citigroup. The reductions will affect technical staff, departments for trading in the markets and for banking operations.
Previously, banks such as Morgan Stanley and Goldman Sachs spoke about plans to cut several thousand employees.
Experts name two main reasons for cuts on Wall Street. During the pandemic, when the banking market experienced a noticeable upsurge in activity, banks hired a lot of new workers, who are now beginning to shed. At the start of the year, the top five US financial corporations — JPMorgan Chase, Bank of America, Morgan Stanley, Goldman Sachs and Citigroup — had 880,000 employees worldwide, up 100,000 from early 2020.
Another reason was the development of technologies that allow automating some of the technical functions, thus reducing personnel costs. “We’re cutting staff as we use new technology to do what we currently do by hand faster,” Citigroup chief financial officer Mark Mason said earlier in the week.
[ad_2]
Source link
