In 2023, the world’s leading financial institutions cut around 62,000 jobs due to a lack of stability and a decrease in stock market transactions, as reported by the Financial Times.
This reduction is one of the largest since the financial crisis 15 years ago.
The Financial Times estimates that the top 20 global banks laid off at least 61,905 employees this year. This number is in line with the more than 140,000 jobs cut by the same banks during the 2007-08 global financial crisis.
Half of these job cuts were in Wall Street investment banks, which have struggled to adapt to the rising interest rates in the US and Europe.