Global banks cut over 60,000 positions in 2023, FT reports

Global banks have cut over 60,000 jobs in 2023, making it one of the heaviest years for eliminations since the financial crisis, the Financial Times’ Owen Walker reports, citing FT calculations. Investment banks faced a second consecutive year of sinking fees as dealmaking and public listings dried up and the takeover of Credit Suisse (CS) by UBS (UBS) led to at least 13,000 fewer positions at the combined entity, with further redundancy rounds expected next year. According to FT data, twenty of the world’s largest banks slashed at least 61,905 positions in 2023. Other publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB), Wells Fargo (WFC), Banco Santander (SAN), Barclays (BCS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG) and RBS (RBS).