FinanceBloomberg
Wall Street Banks’ Record Quarter Didn’t Slow Their Job Cuts
in5points
The biggest US banks reported a record quarter driven by a trading frenzy.
Despite the strong earnings, these banks reduced their workforces by the most in at least six years.
Job cuts continued even as revenues surged, indicating cost-cutting priorities.
The workforce reduction affected major Wall Street institutions.
The layoffs contrast with the financial success of the trading operations.
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