Banks Cut 60,000 Jobs In One Of The Toughest Years Since The Financial Crisis

In 2023, global banks cut over 60,000 jobs, the largest reduction since the financial crisis, driven by declining fees from slower dealmaking and public listings. The UBS-Credit Suisse merger alone led to at least 13,000 job cuts, with more expected in 2024. \r

US banks, including Wells Fargo, Citigroup, Morgan Stanley, Bank of America, Goldman Sachs, and JPMorgan Chase, were heavily impacted, shedding around 30,000 jobs. Unlike previous years, about half of the cuts came from US institutions facing rapid interest rate changes. \r

Despite layoffs, some banks expect a revival in dealmaking, cautiously managing surplus funds. Metro Bank in the UK planned the most significant reduction, cutting 20% of its workforce.