Wall Street Has Been Busy Cutting Employees
Get caught up.
These days, the reason for terminations is evolving into how artificial intelligence may be replacing people who made finance their career.
More workers on Wall Street are getting dismissed than at any time in a decade it would seem. The biggest US banks have said they’re slashing employees in the name of cost-cutting, with the six largest—JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley—retaining 10,600 fewer workers in December from a year earlier.
In the aftermath of Covid-19, pink slips came with the explanation that banks were correcting for over-hiring that was spurred by a pandemic deal boom. But these days, the reason is evolving into how artificial intelligence may be replacing more people.