Wall Street banks slash FIFTY THOUSAND jobs and reduce bonuses and expenses as profits continue to dry up
Wall Street’s biggest banks have slashed nearly 50,000 jobs and bonuses
Include Bank of America, Citigroup, JPMorgan and even Goldman Sachs
Cuts, announced last week, come as profits opportunities have dried up
By SOPHIE JANE EVANS
DAILYMAIL.COM
19 January 2015
It is home to the world’s largest stock exchange.
But now, Wall Street in New York has seen nearly 50,000 jobs slashed by its biggest banks.
In a move that has shocked many pundits, a number of banks including Bank of America, Citigroup and JPMorgan have cut thousands of jobs, as well as bonuses and expenses money.
The changes, announced last week, come as as profits opportunities are increasingly drying up.
Although some analysts were left stunned by the financial and job cuts, others believe there were a number of warning signs in advance, the New York Post reported.
These include lower trading and commodities revenues, currency risks and the lower trending of long-term interest rates, In the fourth quarter, thousands of bank employees were fired.
During 2014, a total of 20,000 workers lost their jobs at Brian Moynihan’s Bank of America, while a further 10,000 were cut at Michael Corbat’s Citigroup, formed from two companies in 1998.
Meanwhile, 10,000 jobs were lost at Jaime Dimon’s JPMorgan, Morgan Stanley reported last week.
And even Goldman Sachs did not escape the cuts – suffering a double-digit decline in revenues.
‘Look, I think head count in the banking industry is likely to decline,” said CLSA bank analyst Mike Mayo. ‘And if this environment remains, headcount would get significantly reduced.’
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