Big banks are quietly cutting thousands of employees, and more layoffs are coming
Publishing timestamp: 2023-10-19 10:41:17
Summary
Despite the resilience of the economy, many banks have been cutting jobs due to a slowdown in finance job-hopping and the impact of higher interest rates. The largest American banks have already cut 20,000 positions this year, with more cuts expected. JPMorgan Chase is the exception, as it has been expanding its workforce. The job losses in the financial industry could have broader implications for the U.S. labor market in the future.
Sentiment: MIXED
Tickers: WFC, BAC, MS, GS, C, JPM,
Keywords: investment strategy, wells fargo & co, citigroup inc, business, jamie dimon, banks, breaking news: investing, breaking news: markets, morgan stanley, jpmorgan drn, breakingnewsglobal, bank of america corp, business news, goldman sachs group inc,
Source: https://www.cnbc.com/2023/10/19/big-banks-cut-thousands-of-jobs-more-layoffs-coming.html