US Banks To Reduce Workers
Quote from Ndubuisi Ekekwe on June 28, 2022, 10:02 AMThe high interest rates, inflation and the war in Ukraine are not helping markets. So, we do not expect new IPOs from startups. And if that happens, some of the investment bankers will lose their jobs. If you work in the banking sector in the US and other leading economies, you need to pay attention to many changes in the market.
Wall Street's days of riding high on new IPOs and mergers appear to be over, with "broad-based job cuts" potentially on the horizon, according to CNBC. Recruiters predict layoffs — also known as RIFs or reductions in force — through the second half of 2022, especially as big banks enter the slow summer season amid market turmoil, historically high inflation and the ongoing war in Ukraine.
If predictions hold, it would be tantamount to staffing whiplash: Hiring at JPMorgan, Goldman Sachs and Morgan Stanley boomed during the pandemic, jumping by 13%, 17% and 26% respectively. Layoffs are already affecting big banks' mortgage business. JPMorgan announced hundreds of layoffs in its home-lending division last week, and hundreds of others were reassigned, per CNN Business. (Linkedin)
The high interest rates, inflation and the war in Ukraine are not helping markets. So, we do not expect new IPOs from startups. And if that happens, some of the investment bankers will lose their jobs. If you work in the banking sector in the US and other leading economies, you need to pay attention to many changes in the market.
Wall Street's days of riding high on new IPOs and mergers appear to be over, with "broad-based job cuts" potentially on the horizon, according to CNBC. Recruiters predict layoffs — also known as RIFs or reductions in force — through the second half of 2022, especially as big banks enter the slow summer season amid market turmoil, historically high inflation and the ongoing war in Ukraine.
If predictions hold, it would be tantamount to staffing whiplash: Hiring at JPMorgan, Goldman Sachs and Morgan Stanley boomed during the pandemic, jumping by 13%, 17% and 26% respectively. Layoffs are already affecting big banks' mortgage business. JPMorgan announced hundreds of layoffs in its home-lending division last week, and hundreds of others were reassigned, per CNN Business. (Linkedin)
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