Big banks continue job cuts, Citi leads the way

Big banks are continuing to cut back on jobs this quarter. Citi saw the biggest decrease of 2,000 employees as part of a reorganization plan for boosting profits and reducing management layers, according to a report by Reuters.

Bank of America, Wells Fargo and PNC Financial also cut a total of around 2,000 jobs in the first three months of 2024. The primary factors leading to this reduction were uncertain economic conditions, particularly due to uncertainty surrounding whether the Federal Reserve will cut interest rates this year.

Citi's cut in staff is part of an overall goal to reduce its headcount by 20,000 in the next two years. Bank of America meanwhile has either reduced staff through attrition or not filling positions when employees quit.

"We managed headcount," Bank of America CEO Brian Moynihan said in the report. "We noted the expectation in January of last year that our headcount will be down throughout the year."

Despite this trend, JPMorgan Chase has grown its employee base, adding nearly 2,000 employees in the first quarter of 2024.