Lates News

Some of the largest banks in the United States collectively laid off a record number of employees last year, the highest in nearly a decade. Executives are now trying to reduce costs by controlling this usually largest expense item. As of the end of December last year, the six giants - JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley - had a total of 1.09 million employees. This is a decrease of about 10,600 from a year ago, dropping to the lowest level since 2021. The last time such a large-scale layoff occurred was in 2016, when the number of employees decreased by about 22,000 compared to the previous year. Efficiency is now a top priority on Wall Street. Most banks expanded their teams during the trading boom triggered by the pandemic, but had to lay off staff as the dramatic slowdown began in 2022. The recent question has evolved into how artificial intelligence will replace humans.