Global Banks Record Major Job Wipeout

This year, global banks saw one of the largest annual job losses since the 2008 financial crisis. Switzerland’s UBS led the downsizing.

In 2023, 20 of the world’s largest banks cut a total of 61,906 jobs, according to data compiled by a «Financial Times» (behind paywall) report.  

This compares to more than 140,000 jobs lost by the same lenders during the 2007-2008 global financial crisis. The figures did not include smaller banks or minor staff cuts.

At 13,000 jobs lost, Switzerland’s UBS led the downsizing this year during its Credit Suisse takeover. This was followed by Wells Fargo (12,000 jobs lost), Citigroup (5,000), Morgan Stanley (4,800) and Bank of America (4,000).