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The banking sector is witnessing a significant wave of job reductions, marking an end to a three-year pause. Look at Morgan Stanley, Citigroup and basically every other bank getting crushed in their stocks. In Canada, leading banks such as Scotiabank, Royal Bank of Canada, and Bank of Montreal have declared plans to cut their workforce by 2% to 3% in recent months. Additionally, other industry players like have also followed suit. Suggests that this could be just the tip of the iceberg, with further cuts possible depending on economic conditions and potential recession fears. This trend mirrors a similar pattern seen in Wall Street banks earlier, as institutions like Goldman Sachs and Morgan Stanley also made notable staff reductions. #JobCuts #Economy #layoffs #Banks #stockstowatch #stockmarket #stockmarketcrash
Timestamps:
What’s Really Going On in the Economy in 2023 0:40
Why Are the Job Cuts Beginning? 8:49
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