Western banks have been cutting tens of thousands of jobs this year, with Swiss bank UBS leading the way. According to calculations by the British newspaper “Financial Times,” European and American banks have eliminated more than 60,000 positions in 2023. This is a significant number, comparable to the aftermath of the 2008 financial crisis, and it offsets a large portion of the new hires made by banks in the wake of the COVID-19 pandemic.
Surprisingly, it is a Swiss bank, UBS, that holds the record for the highest number of job cuts. The forced takeover of its competitor, Credit Suisse (CS), has resulted in the combined company losing at least 13,000 positions, although a significant portion of this can be attributed to natural turnover, particularly at the acquired bank. UBS itself has not set a specific target for job cuts but aims to save around $10 billion in costs by 2026. Additionally, the new mega-bank in Switzerland has announced 3,000 layoffs.
Meanwhile, Wall Street banks, which experienced significant expansion in their workforce in 2021, are now facing the consequences. Approximately half of the job cuts are happening in the United States, with Wells Fargo, Citigroup, Morgan Stanley, Bank of America, and Goldman Sachs each eliminating thousands of positions.
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| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇭 🇬🇧 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | Goldman Sachs, Bank of America, Citigroup, Credit Suisse, UBS, Morgan Stanley, Wells Fargo |
| Currencies | None |
| Securities | None |
