The world's biggest banks cut more than 60,000 jobs in 2023, making it one of the worst years of the global financial crisis 15 years ago.
As reported by Ukrinform, this was reported by the Financial Times.
According to the newspaper's calculations, the world's twenty largest banks cut at least 61,905 jobs in 2023.
These figures compare with more than 140,000 job cuts by the same banks during the 2007-2008 global financial crisis. If you add job cuts at smaller banks, the total is even higher.
The publication writes that in this way investment banks want to maintain their profits.
At least half of the cuts in 2023 were at Wall Street investment banks in New York, which are struggling to keep up with the pace of rising interest rates in the US and Europe, according to the FT.
The biggest cuts took place at Switzerland's UBS following its takeover of former rival Credit Suisse, resulting in 13,000 layoffs.
As Ukrinform reported, the Swiss banking giant UBS bought the struggling Credit Suisse bank for 3 billion Swiss francs ($3.24 billion).
