Key takeaways
- Big banks have collectively laid off over 20,000 employees, with more rumored to be on the way in the coming months
- The news comes as several of the major banks have performed well financially in the third quarter
- JPMorgan Chase is the only major bank to see positive headcount growth in 2023
Even if others are making positive noises about the economy’s resilience, apparently, the banking sector doesn’t share the enthusiasm. Almost all of the major banks in the U.S. have been quietly cutting headcounts, with some indicating during earnings season that more job losses could be on the way.
It might seem like an odd move, especially given so many of the big banks performed well during the third quarter, with many seeing profits up. But on the flip side, the regional banking sector is still struggling – so the major banks are trying to shore up their businesses ahead of time amid a change in consumer habits.
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