14:58 - 26.12.2023

---

December 26, Fineko/abc.az. Twenty of the world’s biggest banks cut at least 61,905 jobs in 2023, ABC.AZ reports with reference to Financial Times.

That compares with more than 140,000 jobs slashed by the same lenders during the global financial crisis of 2007-08.

Investment banks suffered a second consecutive year of plummeting fees as dealmaking and public listings dried up, leaving Wall Street trying to protect profit margins by reducing headcount.

Elsewhere, the takeover of Credit Suisse by UBS has already resulted in at least 13,000 fewer roles at the combined bank, with further big redundancy rounds expected in the year ahead.

In November, UBS disclosed that it had already cut 13,000 jobs from the combined group, leaving it with a total headcount of 116,000. But chief executive Sergio Ermotti has signalled that 2024 will be the “pivotal year” for the takeover and analysts expect thousands more jobs to go in the months ahead.

The second-biggest cutter of 2023 was Wells Fargo, which this month revealed it had lowered its global headcount by 12,000 to 230,000. The bank said it had spent $186mn on severance costs in the third quarter alone, with 7,000 jobs jettisoned.