Job cuts are coming and will be super brutal

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • Banks Trim Pandemic-Fueled Headcount
  • The past few months have seen banks that include Goldman Sachs, Morgan Stanley and Credit Suisse slash more than 15,000 jobs. Industry experts said they expect other banks to make similar moves.
  • Lee Thacker, owner of financial services headhunting firm Silvermine Partners, said “The job cuts that are coming are going to be super brutal,”… “It’s a reset because they over-hired over the past two to three years.”
  • Last week also saw the news that Bank of America was freezing much of its hiring as it prepares for a possible recession.
  • PYMNTS noted late last year that several investment banks had cut staff in Europe, including Citi, Deutsche Bank, and Credit Suisse, as deal-making stalled and markets stagnated
  • The banks’ job cuts are happening as a storm of layoffs hit a number of other businesses. Google parent Alphabet announced Friday (Jan. 20) that it was cutting 12,000 jobs across the company’s product areas, functions and regions.
  • Tech companies reduced their headcounts by more than 153,000 last year, with Meta slashing 11,000 jobs and Amazon cutting 10,000.

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