At least half of the cuts in 2023 came from Wall Street investment banks in New York, the Financial Times wrote.
The world’s biggest banks have cut more than 60,000 jobs in 2023, one of the toughest years since the global financial crisis 15 years ago. It was reported by the Financial Times.
The world’s 20 largest banks reportedly cut at least 61,905 jobs, and if job cuts at smaller banks are added, the total is even higher.
These figures compare to more than 140,000 job cuts by the same banks during the 2007-2008 global financial crisis.
According to the FT, at least half of the cuts in 2023 will be at Wall Street investment banks in New York, which are struggling to keep up with the pace of rising interest rates in the US and Europe, while the biggest cuts will come in UBS of Switzerland. following its acquisition of its former competitor CreditSuisse: after which 13,000 people were laid off.
It was noted that by cutting positions, investment banks want to maintain their profits.
It was previously reported that Biden had adopted sanctions against the banks for aiding the Russian Federation. The order of the American leader states that the sanctions can be imposed without notice, because there is a risk of hiding the assets.
Banks in Ukraine updated their earnings record
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.