More than 60,000 Jobs Cut by Global Banks in 2023
This year, global banks have cut more than 60,000 jobs, marking it as one of the most significant workforce reductions since the 2008 recession.
This further probes a poignant shift in the banking Industry, presumably driven by economic situations, technological advancements, and the need to reduce costs.
The largest layoffs reportedly came from UBS and Wells Fargo, while Wall Street fired at least 30,000 staff members. Wells Fargo reduced its global workforce by 12,000 to reach 230,000 while other Wall Street banks planned to axe thousands of jobs.
HSBC and Commerzbank, however, did not have any massive layoff plans for 2023.
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