Big Banks Trim 10,600 Jobs in 2025, Largest Drop Since 2016
Six of the largest U.S. banks cut about 10,600 jobs in 2025, reducing total headcount to roughly 1.09 million—the lowest since 2021 and the biggest annual drop since 2016—with Wells Fargo leading the reductions; Goldman Sachs and Morgan Stanley added staff, while JPMorgan Chase and Bank of America relied more on attrition as executives weigh AI-driven efficiency.