May 21, 2024

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Factbox-Wall Street banks shed jobs to ease cost pressures

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Factbox-Wall Street banks shed jobs to ease cost pressures

(Reuters) – Banking heavyweights including Goldman Sachs and Morgan Stanley have announced a string of layoffs this year as part of a cost-cutting spree to better position themselves for a murky economic climate.

Others, like Citigroup, are preparing to cut jobs as part of a structural revamp targeted to remove complexity.

Here are the major banks that have trimmed their headcount this year:

JPMorgan Chase –

In May, the bank cut about 500 jobs across departments, according to a source familiar with the matter. It also laid off nearly 1,000 employees from First Republic Bank, the collapsed lender it had acquired from the Federal Deposit Insurance Corp.

However, there were more than 13,000 job openings at the bank as of May, the source added.

Citigroup –

Support staff in compliance and risk management are among the most likely to lose their jobs as the bank begins its sweeping reorganization, Reuters reported on Friday, citing sources familiar with the situation.

Goldman Sachs –

Goldman Sachs is planning for another round of job cuts for employees who are deemed underperformers, which could come as soon as late October, the Financial Times reported earlier this month.

The bank laid off about 3,200 people earlier this year in its biggest headcount reduction since the 2008 financial crisis.

Morgan Stanley –

Morgan Stanley in May was preparing a fresh round of job cuts, with plans to eliminate about 3,000 jobs from its global workforce by the end of the second quarter, Bloomberg News reported.

Wells Fargo –

Wells Fargo could see its headcount decline further as it aims to improve efficiency, Chief Financial Officer Mike Santomassimo said on Sept. 12.

The bank has been trimming its workforce since the third quarter of 2020. It has already reduced its employee base by nearly 40,000 and cuts are likely to continue, Santomassimo said.

Charles Schwab –

The U.S. brokerage firm last month said it planned to lower its headcount in a bid to counter cost pressures, joining a list of Wall Street firms taking a similar path.

UBS Group –

UBS Group in August was laying off employees from Credit Suisse’s investment bank in New York, Reuters reported.

Lazard –

The New York-based investment bank said it would cut around 10% of its workforce in 2023.

Source: Company statements, Reuters stories

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel)

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