Wall Street is resuming job cuts after pausing during the pandemic - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 51%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Wall Street job cuts are back — here's the latest on what Goldman, Citi and other banks are doing

that JPMorgan had cut roughly 100 jobs across the consumer banking, commercial banking, and corporate and investment banking divisions in July. In a statement to Business Insider, a spokesperson for Citigroup confirmed that the bank "is moving forward with a limited number of staffing reductions, impacting less than 1% of our colleagues globally.

"We expect the overall size of our firm to remain about the same when the impact of these changes, natural attrition and ongoing hiring since the start of the year are all taken into account," Citi said in its statement. Now, as the cuts are being implemented, the bank said that "we will do our best to support each person, including offering the ability to apply for open roles in other parts of the firm and providing severance packages.

The statement went on to add that the bank had put a pause on cuts in March and "through the initial months of the pandemic," but that Wells Fargo made the decision to forge ahead with the reductions in August. The spokesperson said that the firm does not have a target for how many jobs could be culled.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Why does Wall Street need so many money shufflers shuffling money back and forth all day?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

TikTok employees describe life inside the company as its future hangs in the balance - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. 'On Sunday, September 27, the US courts issued an injunction preventing the implementation of the Executive Order'
Source: BusinessInsider - 🏆 729. / 51 Read more »

Prezi CEO gave up coffee during the pandemic, how he runs meetings - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »