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Despite the economy’s surprising resilience, major American banks are on a workforce reduction spree. Excluding JPMorgan Chase, five of the largest U.S. banks have slashed 20,000 jobs this year, attributed to changing financial landscapes impacted by rising interest rates, a post-2020 hiring boom, and a shift in Wall Street’s activity levels. Wells Fargo and Goldman Sachs have taken the lead, each trimming about 5% of their workforce. As these institutions grapple with declining revenues, the broader U.S. job market might face challenges in 2024, with even deeper bank layoffs anticipated. #Layoffs #unemployment #WallStreet #Economy #Jobs #inflation
Timestamps:
Mass Layoffs Have Already Begun 0:58
Inflation Continues To Wreak Havoc 2:05
Jobs Market Gets Tricky 10:53
What Can I Do? 13:01
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