Wall Street’s six biggest banks have cut nearly 80,000 jobs over the past 5 years, according to Bloomberg.
The majority of the cuts have come from Bank of America. That’s over both the past 5 years and the past 12 months, as well as in the first quarter of 2015.
Wells Fargo, Goldman Sachs, and Morgan Stanley added jobs in the first quarter of 2015, but 4,000 jobs were still cut across Wall Street last quarter.
Over the past 5 years, JPMorgan has added the most jobs.
While the layoffs may look like a sign of weakness at the banks, remember that bank stocks are up, earnings reports were strong last quarter, and CEOs are still happily earning some 124x their average bankers.
The majority of the cuts have come in the banks’ fixed income, currencies, and commodities divisions, according to eFinancial Career’s Paul Clarke. Going forward, the technlogy and risk management and compliance divisions are expected to add the most jobs, Clarke reported.
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