The big banks on Wall Street have fired 80,000 people in the past 5 years

Business Insider ^ | 04/21/2015 | Portia Crowe

[SeekAndFind]

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.

Bloomberg looked at data from JPMorgan, Goldman Sachs, Morgan Stanley, Wells Fargo, Citigroup, and Bank of America. 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.

[webheart]

Business Insider has nothing to do with business.

[lowbridge]

http://www.dailyjobcuts.com/

[DoodleDawg]

Wall Street's six biggest banks have cut nearly 80,000 jobs over the past 5 years, according to Bloomberg.

I would be willing to bet that their current headcount is nowhere near 80,000 less than it was 5 years ago.

[Talisker]

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.

Well hell, we could just put all the power in Hillary's hands, fire everyone, and have the highest earnings ratio in history.

After all, its what she wants.

[Wolfie]

They’re bigger than ever. It’s going to be some ride when... yes, when... we bail them out again.

[Mastador1]

Sorry I only care if it’s Walmart..............that’s sarcasm folks.

[proxy_user]

Many of them were grossly overstaffed. Citicorp, in particular, had a reputation for being a bureaucratic maze in which many loafers successfully concealed themselves.

[kearnyirish2]

Many of those jobs went overseas (and won’t be coming back); the original “Occupy Wall Street” was the unemployed white profressionals that were canned.