15 Financial Firms That Are Laying Off Workers

A steady stream of large financial institutions, in the U.S. and abroad, have announced staff layoffs during the fourth quarter as investment-banking revenue has nosedived and recession looms on the horizon. Uncertain how straitened the economy will get, executives are proactively reducing lines of business to make sure they are ready. Some firms paused their normal cuts of underperforming staff during the height of the pandemic or hired heavily as the market boomed. On Friday, Bloomberg and other news sites reported that Goldman Sachs planned to lay off 4,000 workers, or 8% of its workforce, amid slumping revenue and profits. See the gallery for 15 financial institutions' plans for staff reductions, according to Bloomberg data. Cuts of 230 HSBC Holdings employees in France, reported Nov. 9, and 12 Credit Suisse employees in Mexico, reported Dec. 13, are not on this list.