2023-12-27 12:55:35
A record number of layoffs was reached during the year 2023 in the banking sector, reveals the Financial Times. According to calculations by the British daily, establishments have cut more than 60,000 jobs in twelve months. And 2024 already looks gloomy.
The year 2023 was one of the most difficult for the banking sector since the financial crisis of 2008. If the reduction of at least 13,000 positions out of the 60,000 counted in the field was caused by the buyout of Credit Suisse by UBS, this is an exceptional event.
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The last twelve months have been particularly sluggish for merger and acquisition activity, in which investment banking plays a crucial role as an intermediary. Layoffs mainly come from establishments working in this sector, particularly in the United States.
Less advice
Advisory activities have been less in investment banks. The latter did not benefit from the improvement in the interest rate margin, explains economist François Savary on Wednesday at La Matinale.
After the coronavirus pandemic, all institutions were looking to hire employees, thinking that “activity would pick up much faster than has been the case in the banking sector”. Establishments are now forced to adjust by laying off staff, specifies the specialist.
These restructuring movements should continue throughout 2024, experts estimate.
Radio subject: Cynthia Racine
Texte web: mera
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