Major U.S. banks eliminated more than 10,000 positions in the second quarter of this year, the sharpest quarterly workforce reduction since the early stages of the COVID-19 pandemic in 2020. Quarterly earnings filings show Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley all reduced headcount between April and June, while JPMorgan Chase slightly expanded staff. The cuts mark the third consecutive quarter of layoffs as lenders seek to curb costs amid an uncertain interest-rate outlook and uneven dealmaking. Citigroup continues a broader streamlining under CEO Jane Fraser, and Bank of America’s workforce is roughly 1% lower than a year ago.

Prepared by Christopher Adams and reviewed by editorial team.