Global banks cut jobs as cost pressure mounts

Global banks cut jobs as cost pressure mounts

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Goldman Sachs

Goldman Sachs laid off staff in a sweeping cost-cutting drive on January 11, with about a third of those affected coming from the investment banking and global markets division, a source familiar with the matter told Reuters.

More than 3,000 employees will be let go, the source, who asked not to be named, said on January 9. A separate source confirmed on 11 January that the cuts had begun.

The long-awaited job cuts at the Wall Street titan are expected to represent the biggest contraction in the workforce since the financial crisis.

hsbc

Under pressure from its biggest shareholder, China’s Ping An Insurance Group, to improve profits, HSBC chief executive Noel Quinn has in recent months accelerated plans to downsize his global empire and streamline its management. Has brought

Reuters reported that HSBC is laying off at least 200 senior managers as it downsizes the ranks of chief operating officers, which has an array of countries and business lines.

The bank also announced it was selling its Canadian business for $10 billion, removing nearly 4,000 employees from its wage bill in one fell swoop. It announced the sale of its much smaller New Zealand business on 30 November, and announced the closure of a further 114 branches in the UK, leaving around a third of its outlets as of 2016 at the latest.

Morgan Stanley

Morgan Stanley is making modest job cuts worldwide, Chief Executive Officer James Gorman said on Dec. 1 at a Reuters Next conference call, without giving numbers.

Reuters reported on November 3 that layoffs were occurring at Morgan Stanley, with dealers in its Hong Kong and mainland China businesses among those affected, as strict Chinese lockdown rules weighed on activity. Sources said the reduction would be beyond the normal casualty.

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