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CNBC: Big Banks cutting thousands of employees, more cuts coming

  |   By Polling+ Staff

Take your money and run?

CNBC headlines: https://www.cnbc.com/2023/10/19/big-banks-cut-thousands-of-jobs-more-layoffs-coming.html

Big banks are quietly cutting thousands of employees, and more layoffs are coming

Reports CNBC:

“The largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come.

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, the biggest and most profitable U.S. bank.

Pressured by the impact of higher interest rates on the mortgage business, Wall Street deal-making and funding costs, the next five largest U.S. banks have cut a combined 20,000 positions so far this year, according to company filings.

The moves come after a two-year hiring boom during the Covid pandemic, fueled by a surge in Wall Street activity. That subsided after the Federal Reserve began raising interest rates last year to cool an overheated economy, and banks found themselves suddenly overstaffed for an environment in which fewer consumers sought out mortgages and fewer corporations issued debt or bought competitors.”

It doesn’t take a wizard to recall news reports quoting this or than CEO or economist that the US is in a recession or is headed into a depression. The question here is whether news like this from CNBC is signaling seriously bad economic news to come.

It would be easy to dismiss. Just like the craziness that the world teeters on the verge of WWIII.

Oh right.

Never mind.