The six largest U.S. banks saw their combined head count dip about 0.1% in the second quarter as they compete for deposits and look toward a continued lift in the deal making Wall Street has seen in recent weeks.
Following about six quarters of slowed deal making in investment banking, the current uptick in activity may continue through the rest of the year. Bank layoffs have been plentiful in recent months, as Silicon Valley Bank, Signature Bank and First Republic all went out of business and were then purchased by First Citizens Bancshares Inc. FCNCA , New York Community Bancorp Inc. NYCB and JPMorgan Chase, respectively. Some bank employees were hired by other banks during the turmoil.
“We continue to believe that there are opportunities to drive efficiency throughout the company,” Wells Fargo CEO Charlie Scharf said on the call. JPMorgan Chase CFO Jeremy Barnum told MarketWatch on a call with reporters that the bank expects to see some head-count growth this year. Along with job cuts and the turmoil in regional banks, higher interest rates and rising costs of deposits persisted as major themes as banks look toward the second half of the year.
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