Heavyweights in the banking industry, including Goldman Sachs and Morgan Stanley, have made a number of layoff announcements this year as part of a cost-cutting drive to better prepare them for an uncertain economic environment.
Others, like Citigroup are getting ready to lay off employees as part of a structural redesign meant to simplify things.
The top banks that have reduced staff this year are listed below:
J.P Morgan Chase
About 500 jobs were slashed by the bank in May. Additionally, it fired close to 1,000 workers from First Republic Bank, the bank that had failed and which it had bought from the Federal Deposit Insurance Corp.
In contrast, the bank has over 13,000 openings as of May.
Citigroup, Inc.
As the bank begins its extensive reorganization, support personnel in compliance and risk management are among the most likely to lose their jobs, according to a report on Friday.
Goldman Sachs
Goldman Sachs is preparing for another round of job cuts for staff that are considered underperformers, which may happen as soon as late October.
The bank made its largest headcount reduction since the 2008 financial crisis earlier this year, laying off approximately 3,200 people.
Morgan Stanley
Morgan Stanley planned to remove around 3,000 positions from its global workforce by the end of the second quarter.
Wells Fargo
In an effort to increase efficiency, Wells Fargo may see its personnel decrease even more, Chief Financial Officer Mike Santomassimo said on September 12.
Since the third quarter of 2020, the bank has begun reducing its employees. According to Santomassimo, it has already slashed roughly 40,000 jobs from its workforce, and further layoffs are set to come.
Charles Schwab
The American brokerage business joined a number of Wall Street companies last month when it announced plans to reduce employment in an effort to combat cost challenges.
UBS Group
UBS Group said in August that it was firing staff from Credit Suisse’s New York investment bank.
Lazard
The New York-based investment bank announced that it would reduce its employees by about 10% in 2023.
