Major banks, including Goldman Sachs and Morgan Stanley, have announced layoffs this year as part of their cost-cutting efforts to adapt to an uncertain economic climate. Other banks, like Citigroup, are also planning job cuts as part of a restructuring aimed at simplifying their operations. Here is a list of the major banks that have reduced their workforce:
JPMorgan Chase – In May, the bank cut approximately 500 jobs across various departments and laid off nearly 1,000 employees from First Republic Bank, which it had acquired.
Citigroup – The bank is expected to lay off support staff in compliance and risk management as it undergoes a comprehensive reorganization.
Goldman Sachs – The bank is planning another round of job cuts, targeting underperforming employees, possibly in late October. Earlier this year, Goldman Sachs laid off around 3,200 people, the largest reduction since the 2008 financial crisis.
Morgan Stanley – In May, Morgan Stanley announced plans to eliminate about 3,000 jobs from its global workforce by the end of the second quarter.
Wells Fargo – The bank’s headcount is likely to decline further as it focuses on improving efficiency. It has already reduced its employee base by nearly 40,000 since the third quarter of 2020.
Charles Schwab – The brokerage firm intends to lower its headcount to address cost pressures, following a trend among Wall Street firms.
UBS Group – UBS laid off employees from Credit Suisse’s investment bank in New York in August.
Lazard – The New York-based investment bank is planning to cut around 10% of its workforce in 2023.
These details are sourced from company statements and RushHourDaily stories. The article was reported by Jaiveer Singh Shekhawat in Bengaluru and edited by Maju Samuel. The Thomson RushHourDaily Trust Principles apply to this report.
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