News Topic: Layoffs

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 ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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

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. ... Read full article

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. ... Read full article

New Peoples Bankshares said the layoffs were necessary because of the coronavirus pandemic and "a changing financial services industry." ... Read full article

Lenders are set to flood the SBA with new PPP applications; long nights and weekends the new normal; Fifth Third rethinks new-branch designs in light of coronavirus; and more from this week's most-read stories. ... Read full article

Citigroup CEO says it’s a “fine line” between supporting customers and burdening them with debt; Goldman gives away 600,000 N95 masks it had from prior scares. ... Read full article

Wall Street banks make plans to keep workers in Tokyo safe; the employees are bringing their grievances against the bank to Capitol Hill. ... Read full article

The overhaul calls for massive job cuts but leaves interim CEO Noel Quinn’s permanent role in limbo; the program would throw out most of Trump’s Dodd-Frank rollbacks. ... Read full article

Black-owned OneUnited is getting grief for its depiction of the abolitionist on a debit card; the bank plans $4.5 billion in cost cuts, with 35,000 jobs cut. ... Read full article

JPMorgan Chase plans to dismiss several hundred workers from its consumer unit as the lender seeks to rein in costs, according to people briefed on the matter. ... Read full article

The regulators plan to drop the 3% limit on bank investments in venture capital funds; Visa invests in another fintech startup. ... Read full article

Marcus and the Apple credit card accounted for 3% of the bank’s profit in the first three quarters of 2019, despite a multibillion-dollar investment in consumer operations; the senator’s plan would make it easier to expunge debt. ... Read full article