WFC - Financial Tumult: Wall Street Giants Slash 60K Jobs Amid Revenue Decline and Industry Pressures | Benzinga
In 2023, major global banks such as UBS Group AG (NYSE: UBS) and Wells Fargo & Co (NYSE: WFC) executed extensive job cuts, eliminating over 60,000 positions collectively.
This marked one of the most substantial workforce reductions since the financial crisis.
Investment banks witnessed plummeting fees for the second consecutive year, prompting Wall Street to defend profit margins by reducing headcount.
UBS's takeover of Credit Suisse led to at least 13,000 fewer roles at the combined bank, with ...