Banks added jobs in 2020. Are layoffs ahead?


The economy is poised to rebound, meaning loan demand and hiring will pick up, some observers say. Others argue that banks have plenty of reasons to cut jobs given industry consolidation, the growth of digital banking and expectations that low interest rates will persist.



Trust banks under extra pressure to cut expenses


Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. Problem is, they also have fewer cost-cutting options.


Wells Fargo faces growing pressure to slash costs


CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.


Wells Fargo eliminates more than 700 jobs in commercial banking


Wells Fargo cut more than 700 commercial banking jobs as it embarks on workforce reductions that could ultimately number in the tens of thousands, according to people with knowledge of the matter.


Citigroup to resume job cuts after pausing for pandemic


The reductions will affect less than 1% of Citi's global workforce, and with recent hiring the overall headcount probably won’t decline, the company said.


Wells Fargo resumes job cuts in break with rivals


Wells Fargo has started its long-awaited job cuts, breaking with some of its top U.S. competitors that have resisted workforce reductions amid the coronavirus pandemic.


HarborOne job cuts reflect lower branch traffic, coronavirus fallout


The Massachusetts company is laying off more than 40 employees with a focus on people working in its retail banking operations.


Five Star is latest bank to shutter branches amid decline in foot traffic


The Warsaw, N.Y., bank said it will close 10% of its branches and lay off 6% of its staff in response to customers’ growing preference for remote banking.


HSBC resuscitates plan to cut 35,000 jobs to boost growth


The bank joins rivals such as Deutsche Bank AG and UniCredit SpA in forging ahead with job cuts that were put on hold at the outset of the pandemic.