Global banks slash over 60,000 jobs in 2023, marking the worst year for layoffs since financial crisis

In one of the most severe waves of job cuts since the 2007-08 financial crisis, global banks shed more than 60,000 jobs in 2023. The trend is expected to persist in the coming year due to subdued dealmaking and listing activity, Financial Times writes.

The financial industry faced a second consecutive year of declining fees, particularly in investment banks, as dealmaking and public listings experienced a significant downturn. The effort to safeguard profit margins led Wall Street to implement substantial workforce reductions. ---More...