These are the banks, asset managers and consultants axing roles

Post By: Olivia February 14, 2024

Financial services firms have been cutting jobs for the past year, with no signs of letting up.

Banks, asset managers and consultancies have all cut swathes of jobs in recent months.

City jobs dried up in the last quarter of 2023, with the number of available financial services roles falling 42% compared with the fourth quarter of 2022, according to Morgan McKinley’s London Employment Monitor.

During the post-pandemic deal boom many major finance firms went on hiring sprees, which left them overstaffed, and a slower job market has meant that fewer of those staff moved on.

READ Bankers, lawyers and accountants won’t quit, stoking fears of more job cuts

Morgan Stanley and PwC both pointed to lower staff attrition rates as part of their motivation for cutting jobs.

Banks have been characteristically brutal in their job cuts, and major disruption such as the merger of UBS with Credit Suisse and Citigroup’s radical overhaul are set to lead to thousands of roles going.

In recent months banks have been followed by asset managers, which are shedding jobs in a tough climate for active fund houses too.

Consultancy and accountancy firms have also cut thousands of jobs as demand for deal advice dries up in a slower market.

These are the banks, consultancy firms and asset managers cutting jobs:

Banks

UBS expects half of planned $13bn cost-cuts to come from employees

UBS rolls out fresh layoffs as Credit Suisse integration continues

Citigroup to cut 20,000 roles in Jane Fraser’s radical overhaul

Citigroup offers generous redundancy package to laid-off UK bankers

Barclays cut 5,000 jobs last year in cost-reduction push

Deutsche Bank to cut 3,500 more jobs in cost-cutting push

Nomura cuts 60 investment bank jobs in difficult dealmaking conditions

Societe Generale to axe 900 jobs in France