U.S. banking giants cut thousands of employees in Q1 |
U.S. banking giants, including Citigroup, Bank of America, Wells Fargo, and PNC Financial, have continued to reduce their workforce in the first quarter of the year. Citigroup saw the largest drop, with a decline of 2,000 employees after completing a reorganization aimed at improving profits. The layoffs are part of a broader plan to reduce Citigroup's staffing by 20,000 over the next two years. Other banks are also under pressure to control costs due to the uncertain economic outlook. Despite this trend, JPMorgan Chase added nearly 2,000 employees in the first quarter. The banking industry faces challenges in navigating the changing rate environment, with higher funding costs and contracting net interest margins. However, investment banks have seen higher revenue due to a revival in capital markets. Analysts expect that a surge in equity offerings will lift sentiment and spur mergers and acquisitions. |
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