Wall Street job cuts are back — here's the latest on what Goldman, Citi and other banks are doing
that JPMorgan had cut roughly 100 jobs across the consumer banking, commercial banking, and corporate and investment banking divisions in July. In a statement to Business Insider, a spokesperson for Citigroup confirmed that the bank "is moving forward with a limited number of staffing reductions, impacting less than 1% of our colleagues globally.
"We expect the overall size of our firm to remain about the same when the impact of these changes, natural attrition and ongoing hiring since the start of the year are all taken into account," Citi said in its statement. Now, as the cuts are being implemented, the bank said that "we will do our best to support each person, including offering the ability to apply for open roles in other parts of the firm and providing severance packages.
The statement went on to add that the bank had put a pause on cuts in March and "through the initial months of the pandemic," but that Wells Fargo made the decision to forge ahead with the reductions in August. The spokesperson said that the firm does not have a target for how many jobs could be culled.
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