The major US banks based on Wall Street are planning massive job cuts.
(Photo: Bloomberg)
New York, Frankfurt In the pandemic, the big financial houses could not hire enough bankers. Now they have to part with employees on a large scale. The announced job cuts now add up to 12,000.
Personnel consultants expect that up to 15,000 employees at the big US banks could eventually lose their jobs. This means that the job market for bankers after the boom years is worse than it has been since the financial crisis.
The latest bad news came from Citigroup a few days ago. The money house announced that it would be separating from 5,000 employees by the end of June, primarily in investment banking and retail. CFO Mark Mason justified the austerity measures with the weak business, but also with technological advances that allow the bank to get by with fewer employees. Goldman Sachs, Morgan Stanley and Bank of America have previously announced waves of layoffs.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Further
Read on now
Get access to this and every other article in the
web and in our app.
Further