Wall Street's workforce is slowly and relentlessly shrinking
It's relentless.
Every year, the number of bankers and traders employed by the largest banks on Wall Street shrinks a little. Headcount across investment banking, equities and fixed-income trading at the top 12 banks dropped by 1,900 from the first quarter of 2016 to the first quarter of 2017, a fall of 3%, according to new data from industry consultant Coalition. The data includes: Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Societe Generale and UBS.
Headcount has now dropped 12,700 from 2012 to 2017, with the bulk of those cuts coming in fixed income, currencies and commodities divisions.
Brutal.
Coalition
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Vodafone Idea FPO allotment – How to check allotment, GMP and more
- Investing Guide: Building an aggressive portfolio with Special Situation Funds
- Markets climb in early trade on firm global trends; extend winning momentum to 3rd day running
- Impact of AI on Art and Creativity
- Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore
- IPL 2024: CSK v LSG overall head-to-head; When and where to watch