The world's leading banks are undergoing massive job cuts
Economy
The Financial Times calculates that the world's twenty largest banks will cut at least 61,905 jobs in 2023. This number of job cuts has not been seen since the financial crisis.
Investment banks are suffering a second consecutive year of plummeting fees as deals and public listings dry up, leaving Wall Street struggling to maintain profits by cutting staff.
By comparison, more than 140,000 employees lost their jobs during the 2007-2008 global financial crisis.
Elsewhere, the takeover of Credit Suisse by UBS has already led to at least 13,000 fewer jobs at the merged bank. Large waves of redundancies are also expected in the coming year.
By comparison, more than 140,000 employees lost their jobs during the 2007-2008 global financial crisis.
Elsewhere, the takeover of Credit Suisse by UBS has already led to at least 13,000 fewer jobs at the merged bank. Large waves of redundancies are also expected in the coming year.
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