United States banks slash over 10,000 jobs
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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.
Timeline of Events
- Early 2020 Pandemic triggers steep banking layoffs
- Past year Bank of America workforce down 1%
- Last three quarters Major lenders report continued layoffs
- April 2024 Banks begin latest quarterly staff reductions
- Q2 2024 Over 10,000 Wall Street jobs cut
- Q2 2024 JPMorgan slightly increases total headcount
- This week BofA CFO highlights multi-quarter headcount management
- Now Industry faces persistent cost and revenue pressures
Why This Matters to You
Job cuts at big banks can ripple through the economy. If you're in banking or related fields, keep an eye on your job stability. For customers, fewer staff could mean longer wait times or changes in service.
The Bottom Line
Major U.S. banks are trimming their workforce to manage costs. This trend could continue if economic uncertainty persists. Worth forwarding if you know someone in the banking sector.
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