Mass Layoffs Come To Wall Street: Citi Fires “Dozens” Of Investment Bankers
With tech companies “unexpectedly” firing thousands of highly-paid, woke millennials as the US economy crumbles into the worst recession since Lehman…
Layoffs This Month (% of Workers):
1. Twitter: 50%
2. Cameo: 25%
3. Robinhood: 23%
4. Intel: 20%
5. Snapchat: 20%
6. Coinbase: 18%
7. Opendoor: 18%
8. Stripe: 14%
9. Lyft: 13%
10. Shopify: 10%
11. Meta: “Thousands”
12. Apple: Hiring Freeze
13. Amazon: Hiring Freeze
— The Kobeissi Letter (@KobeissiLetter) November 8, 2022
… the mass layoff wave has finally come to the even-better paid Wall Street where, as Bloomberg reports, Citigroup is the first bank to eliminate dozens of jobs across its investment banking division this week.
The cuts impacted staffers globally within the investment-banking group, which includes its capital-markets arms, said the people, who asked not to be identified because the information is private.
The reason for the mass layoffs is that investment-banking fees at Citigroup, led by CEO Jane Fraser, plummeted 64% in the third quarter.
However, since Citi is hardly unique with the ibanking pipeline clogged across Wall Street due to the earnings and economic recession, with Q3 investment-banking fees plunging more than 50% to $6.4 billion, the worst third-quarter performance since 2012, Citigroup may be the first major bank to layoff “dozens” but it won’t be the last and in the coming days and weeks we expect many similar mass layoff announcement from virtually all other banks.