Global banks eliminated more than 60,000 jobs in 2023, marking one of the heaviest years for cuts since the financial crisis and reversing much of their hiring as they emerged from the Covid-19 pandemic.
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.
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