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Banks prepare for deepest job cuts since financial crisis – The Financial Times
Banks are preparing for the biggest round of job cuts since the global financial crisis, as executives are under pressure to cut costs following a collapse in investment banking revenue.
The lay-offs – which are expected to number in the thousands across the sector – reverse the massive hiring banks have done over the past few years and a reluctance to fire employees during the Covid-19 pandemic.
“The job cuts that are coming are going to be brutal,” said Lee Thacker, owner of financial services headhunting firm Silvermine Partners. “It’s a reset because they’ve hired more in the last two to three years.”
Banks including Credit Suisse, Goldman Sachs, Morgan Stanley and Bank of New York Mellon have begun cutting more than 15,000 jobs in recent months, and industry watchers expect others to follow suit. Excited about the headline-grabbing schemes announced since.
“We’ve seen some warning shots from the US,” said Thomas Hallett, an analyst at Keefe, Bruyette & Woods…….More Here
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