Major US banks cut 10,600 jobs in largest workforce reduction since 2016

Major US banks recorded their largest wave of job cuts since 2016, as lenders intensified efforts to reduce costs and boost efficiency, with workforce expenses remaining the largest item on their balance sheets.

According to Bloomberg data, total employment at the six largest US banks stood at about 1.09 million employees at the end of December, down by roughly 10,600 jobs compared with the end of 2024, marking the lowest level since 2021.

This round of job cuts represents the biggest reduction since 2016, when banks eliminated around 22,000 positions amid shifting market conditions.

Wells Fargo led the workforce reductions as part of its ongoing restructuring, cutting more than 12,000 jobs year-on-year.

Citigroup also continued its job cuts, shedding thousands of roles and signaling further reductions in the near term.