Even as the economy has surprised forecasters with its resilience, lenders have cut headcount or announced plans to do so, with the key exception being JPMorgan Chase.
A key factor driving the cuts is that job-hopping in finance slowed drastically from earlier years, leaving banks with more people than they expected.Even as the economy has surprised forecasters with its resilience, lenders have cut headcount or announced plans to do so, with the key exception beingPressured by the impact of higher interest rates on the mortgage business, Wall Street deal-making and funding costs, the next five largest U.S.
"We still have additional opportunities to reduce head count," he told analysts. "Attrition has remained low, which will likely result in additional severance expense for actions in 2024."of cuts in the past year, Goldman executives said that they had "right-sized" the bank and don't expect another Headcount will also drift lower because of Goldman's pivot away from consumer finance; the firm agreed to sell two businesses in deals that will close in coming months, a wealth management unit and fintech lender