Banking, Member Exclusive

Banking Briefing: Time to let go or get going?

  • As deal-making hits new lows on Wall Street, banks are letting go of employees left and right.
  • But on the flip side, so are lots of fintechs – is it time for banks to zero in on this new talent pool?
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Banking Briefing: Time to let go or get going?

In the last briefing, we focused on fintech layoffs, bringing special attention to Chime cutting 12% of its workforce.

Oof, that’s gotta hurt.

In the last briefing, we focused on fintech layoffs, bringing special attention to Chime cutting 12% of its workforce.

Oof, that’s gotta hurt.

Wall Street banks are taking a hit as well, though. And that’s in light of the downturn in deal-making we’re seeing. Here’s some of what’s happened so far:

  • Citigroup let go of around 50 people within its trading personnel. It also scratched dozens of jobs within its trading division.
  • Barclays cut around 200 jobs within its banking and trading desks.
  • Credit Suisse says it’s planning to let go of 2,700 employees in Q4 and 9,000 positions by 2025.

 


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