Wall Street banks cut 5,000 jobs even as they notched record profits
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Top US banks cut over 5,000 jobs in the first quarter despite recording $47.3 billion in net income. The job cuts were led by Wells Fargo, Citigroup, and Bank of America, while JPMorgan and Morgan Stanley added staff.
The six largest US banks reported a combined $47.3 billion in net income in the first quarter. Despite record profits, they cut over 5,000 jobs. Wells Fargo led the job cuts with 4,199, followed by Citigroup with 2,000 and Bank of America with 1,073. In contrast, JPMorgan Chase and Morgan Stanley increased their workforce. The banks are investing in AI to streamline operations.
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