2023 The Worst Year Since FTC For Banks


Published:  

  • Economy. Employment

Financial institutions worldwide, including global banks, eliminated more than 60,000 jobs in 2023, marking one of the heaviest years for cuts since the financial crisis, a new analysis has shown on Thursday.

 

Twenty of the world’s biggest banks cut at least 61,905 jobs in 2023, according to Financial Times calculations. That compares with more than 140,000 jobs slashed by the same lenders during the global financial crisis of 2007-08.

 

Quote

"Investment banks suffered a second consecutive year of plummeting fees as dealmaking and public listings dried up, leaving Wall Street trying to protect profit margins by reducing headcount."

 

Source:  Financial Times, analysis

 

 

Which banks are the most affected ?

In March, Credit Suisse slashed 9,000 roles. UBS disclosed that it had cut 13,000 jobs until November. This month, Wells Fargo revealed it had lowered its global headcount by 12,000 to 230,000. Citigroup cut 5,000 jobs, Morgan Stanley shed 4,800, Bank of America 4,000, Goldman Sachs 3,200 and JPMorgan Chase 1,000. Italy’s second-biggest lender UniCredit laid out over 7,000 employees.

 

What is forecast for 2024 ?

“There is no stability, no investment, no growth in most banks — and there are likely to be more job cuts,” said Lee Thacker, owner of financial services headhunting firm Silvermine Partners.
“We expect full-year 2024 to be a continuation of the story of 2023,” said Coalition’s Arora. “We see banks getting more conservative.”

 

 


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