Others, like Citigroup (C.N), are planning job cuts as part of a structural overhaul aimed at removing complexity.
Here are the big banks that have reduced their workforce this year.
JPMorgan Chase & Co. (JPM.N)
According to a source familiar with the situation, the bank slashed roughly 500 workers across divisions in May. It also laid off roughly 1,000 workers from First Republic Bank, which it had bought from the Federal Deposit Insurance Corporation.
However, the bank has more than 13,000 employment opportunities as of May, according to the source.
Citigroup Inc. (C.N) –
According to Reuters, compliance and risk management support personnel are among the most likely to lose their jobs as the bank begins its massive overhaul, citing sources familiar with the matter.
GS.N – Goldman Sachs
According to the Financial Times, Goldman Sachs is contemplating another round of layoffs for staff judged underperformers, which may happen as soon as late October.
The bank lay off over 3,200 staff earlier this year, the most since the 2008 financial crisis.
Morgan Stanley (MS.N) is a financial services firm.
Morgan Stanley was preparing a new round of layoffs in May, with plans to reduce around 3,000 positions from its global workforce by the end of the second quarter, according to Bloomberg News.
Wells Fargo & Company (WFC.N) –
Wells Fargo’s personnel could be reduced further as the bank strives to enhance efficiency, according to Chief Financial Officer Mike Santomassimo on September 12.
Since the third quarter of 2020, the bank has begun reducing its employees. It has already slashed nearly 40,000 jobs, and Santomassimo believes the losses will continue.
SCHW.N (Charles Schwab) –
Last month, the brokerage business announced plans to reduce its personnel in order to combat cost challenges, joining a growing number of Wall Street firms pursuing a similar approach.
The UBS Group (UBSG.S)
According to Reuters, UBS Group let off staff from Credit Suisse’s investment bank in New York in August.
Lazard International (LAZ.N) –
The New York-based investment bank announced plans to reduce its headcount by 10% by 2023.