Wall Street’s Decade-Long Firing Spree Is Seen Winding Down
- U.S. firms are cutting jobs in 2016 at slowest pace in decade
- John Challenger sees bank dismissals stabilizing in future
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It’s the beginning of the end for major job cuts at U.S. banks, according to Challenger, Gray & Christmas Inc., a firm that advises many of them on workplace reductions.
Dismissals across the financial industry dropped to about 1,940 per month this year through October -- the slowest pace in more than a decade -- as banks and other firms finished reshaping themselves in the wake of the financial crisis, said John Challenger, head of the Chicago-based consulting firm.