Job cuts at major US banks set to exceed 11,000 this year as Wall Street faces worst job market since the financial crisis following pandemic-era hiring surge .
Citigroup was the latest major US bank to announce significant job cuts this week, telling investors it expected to make 5,000 layoffs by the end of the second quarter, mostly in investment banking and trading.
All after the cuts affecting thousands of employees of Goldman Sachs and Morgan Stanley. The job cuts come as executives try to work off a hiring surge that began with the economy recovering in the aftermath of Covid. Banks have drastically increased their headcount to cope with the boom in transactions and trading, at a time when working from home has challenged traditional ways of doing business.
“This is probably one of the toughest job markets we’ve seen since the 2008 financial crisis,” Max Kemnitzer, managing director for banking and financial services at New York-based recruiting firm Michael Page, told the Financial Times. “When you look at metrics like the number of jobs coming in, conversion of resumes turning into interviews and interviews turning into offers, these numbers are the slowest we’ve seen in a long time.”
