That followed news of 1,600 layoffs at Morgan Stanley (MS) in January, and some 11,000 cuts at Citibank (C) last December. Earlier this month Barclays (BCS) CEO Antony Jenkins commented that he “saw a future in which the bank employed 100,000 staff,” down significantly from its current 140,000-strong workforce. Even Goldman Sachs (GS), which traditionally trims the bottom 5 percent of its workforce each year, went deeper in 2013 with larger layoffs in equity trading and other departments.
For the most part, this kind of turnover is business as usual for the banking sector, which rolls through layoffs on an almost annual basis. But since the 2008 financial crisis the industry has been shrinking overall, with nearly 160,000 job cuts announced worldwide since 2011, according to Reuters. ManyRead More »from Where Are All the Bankers Going? Not as Far as You Might Think