Finance Layoffs 1999 to 2026: Banks, Asset Managers, PE and VC

F1GMAT Layoff Tracker

Finance Layoffs 1999 to 2026: Banks, Asset Managers, PE and VC

Announced job cuts at the largest employers in the industry, period by period and year by year; what share of the workforce they removed; which roles, degrees and pay bands they touched; and whether business schools kept placing graduates there.

Workforce

Combined headcount of the tracked employers: 2,040,931

CompanyLatest headcountAs of
JPMorgan Chase318,5122025
Citigroup226,0002025
Bank of America213,0002025
HSBC211,4792025
Wells Fargo205,0002025
BNP Paribas178,0002025
Société Générale110,0002025
UBS103,1772025
TD Bank Group102,218FY2025
Royal Bank of Canada96,628FY2025
Fidelity Investments80,0002025
State Street52,0002025
BlackRock24,9002025
Northern Trust23,8002025
Vanguard20,0002025
Franklin Templeton9,800FY2025
Capital Group9,3002026
T. Rowe Price7,7732025
Invesco7,4992025
Apollo Global Management6,1402025
Brookfield Asset Management5,8002025
Amundi5,4002025
Blackstone5,2852025
KKR5,0432025
Ares Management4,2502025
Carlyle2,5002025
TPG1,9002025
Blue Owl Capital1,3652025
General Atlantic8812025
Warburg Pincus8292025
Andreessen Horowitz7382025
Insight Partners4382025
General Catalyst2112025
Coatue1992025
Bessemer Venture Partners1912025
Sequoia Capital1682025
Tiger Global1492025
Lightspeed Venture Partners1322025
New Enterprise Associates1132025
Battery Ventures1132025
Period totals

Announced cuts at the ten hardest-hit companies in each period

PeriodTop-10 totalPer yearLargest
1999–200137,50012,509Bank of America, 10,000
2002–200775,87012,654Deutsche Bank, 20,870
2008–2009128,26064,174Citigroup, 65,200
2010–2018220,65024,526HSBC, 55,000
2019–Oct 202291,40023,863HSBC, 39,000
Nov 2022–202333,49028,779Wells Fargo, 11,300
2024–present76,69527,737Citigroup, 20,000
1999–2001: top 10
  1. Bank of America: 10,000
  2. Merrill Lynch: 10,000
  3. ABN AMRO: 7,000
  4. JPMorgan Chase: 5,000
  5. Citigroup: 3,500
  6. CSFB: 2,000
2002–2007: top 10
  1. Deutsche Bank: 20,870
  2. Citigroup: 17,000
  3. Bank of America: 12,500
  4. JPMorgan Chase: 10,000
  5. Merrill Lynch: 9,000
  6. Morgan Stanley: 3,800
  7. CSFB: 1,750
  8. Bear Stearns: 950
2008–2009: top 10
  1. Citigroup: 65,200
  2. UBS: 10,700
  3. JPMorgan Chase: 9,200
  4. Commerzbank: 9,000
  5. RBS: 9,000
  6. Bear Stearns: 7,600
  7. HSBC: 6,100
  8. Credit Suisse: 5,300
  9. Goldman Sachs: 3,260
  10. Merrill Lynch: 2,900
2010–2018: top 10
  1. HSBC: 55,000
  2. Bank of America: 30,000
  3. Barclays: 22,700
  4. Deutsche Bank: 22,000
  5. UniCredit: 18,200
  6. JPMorgan Chase: 17,000
  7. Standard Chartered: 15,000
  8. RBS: 14,000
  9. UBS: 13,500
  10. Wells Fargo: 13,250
2019–Oct 2022: top 10
  1. HSBC: 39,000
  2. Deutsche Bank: 18,000
  3. Commerzbank: 14,300
  4. Credit Suisse: 9,000
  5. UniCredit: 8,000
  6. Société Générale: 1,600
  7. Morgan Stanley: 1,500
Nov 2022–2023: top 10
  1. Wells Fargo: 11,300
  2. Citigroup: 7,000
  3. Barclays: 5,000
  4. Goldman Sachs: 3,200
  5. Morgan Stanley: 3,000
  6. UBS: 3,000
  7. BlackRock: 500
  8. Lazard: 340
  9. T. Rowe Price: 150
2024–present: top 10
  1. Citigroup: 20,000
  2. HSBC: 20,000
  3. UBS: 10,000
  4. Standard Chartered: 7,800
  5. Commerzbank: 6,900
  6. Deutsche Bank: 5,500
  7. Morgan Stanley: 4,500
  8. Goldman Sachs: 1,395
  9. BlackRock: 600
11 · Sources

References

Four segments headquartered in the US, Canada or Europe: investment banks and universal banks with major investment-banking and markets arms; investment managers; private equity and private capital firms; venture capital firms. Insurers, consumer-only banks, card networks, payment processors, fintech apps, exchanges and Asian-headquartered firms are excluded.

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  53. TPG Form 10-K reports, 2021 to 2025 (SEC EDGAR). www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001880661&type=10-K
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  88. Global Custodian: Lehman Brothers cuts (Aug 2008). www.globalcustodian.com/?p=28654
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  90. Al Jazeera: Commerzbank to cut 9,000 jobs after Dresdner (Sep 2008). www.aljazeera.com/news/2008/9/1/german-bank-to-slash-9000-jobs
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  92. CNN Money: Goldman Sachs to cut 10% of staff (Oct 2008). money.cnn.com/2008/10/23/news/companies/goldman_jobs/
  93. NBC News: Morgan Stanley cuts (Nov 2008). www.nbcnews.com/id/wbna27680217
  94. Global Custodian: Citigroup will cut 52,000 more jobs (Nov 2008). www.globalcustodian.com/citigroup-will-cut-52000-more-jobs/
  95. NBC News: JPMorgan to cut 9,200 Washington Mutual jobs (Dec 2008). www.nbcnews.com/news/amp/wbna28002323
  96. State Street Form 8-K, 3 Dec 2008. www.sec.gov/Archives/edgar/data/93751/000119312508247278/d8k.htm
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  98. Al Jazeera: RBS to axe another 9,000 jobs (Apr 2009). www.aljazeera.com/news/2009/4/7/uks-rbs-to-axe-another-9000-jobs
  99. Al Jazeera: UBS to cut 8,700 jobs (Apr 2009). www.aljazeera.com/news/2009/4/15/swiss-bank-to-cut-8700-jobs
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  101. State Street Form 8-K, 30 Nov 2010. www.sec.gov/Archives/edgar/data/93751/000119312510271478/d8k.htm
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  110. Fox Business: JPMorgan to cut up to 17,000 jobs (Feb 2013). www.foxbusiness.com/markets/jpmorgan-to-cut-up-to-17000-jobs
  111. Bloomberg: Barclays to cut 19,000 jobs (May 2014). www.bloomberg.com/news/articles/2014-05-08/barclays-to-cut-19-000-jobs
  112. Irish Times: RBS to slash up to 14,000 investment bank jobs (Mar 2015). www.irishtimes.com/business/financial-services/royal-bank-of-scotland-to-slash-up-to-14-000-jobs
  113. CNBC: HSBC to cut up to 25,000 jobs (Jun 2015). www.cnbc.com/2015/06/09/hsbc-to-shed-billions-from-assets-costs.html
  114. Euronews: Deutsche Bank to cut 9,000 jobs (Oct 2015). www.euronews.com/2015/10/29/deutsche-bank-to-cut-9000-jobs
  115. Fortune: Standard Chartered to cut 15,000 jobs (Nov 2015). fortune.com/2015/11/03/standard-chartered-job-cuts/
  116. Euronews: UniCredit to cut 18,200 jobs (Nov 2015). www.euronews.com/2015/11/12/unicredit-job-cuts
  117. CNBC: Credit Suisse to cut 2,000 more jobs (Mar 2016). www.cnbc.com/2016/03/23/credit-suisse-job-cuts.html
  118. FinTech Futures: Commerzbank in major job-cutting spree (Sep 2016). www.fintechfutures.com/commerzbank-in-major-job-cutting-spree
  119. AP via The Garden Island: Nordea to cut 6,000 jobs (Oct 2017). www.thegardenisland.com/2017/10/26/
  120. Al Jazeera: Deutsche Bank to cut more than 7,000 jobs (May 2018). www.aljazeera.com/economy/2018/5/24/deutsche-bank-job-cuts
  121. CNBC: Wells Fargo to cut 5% to 10% of workforce (Sep 2018). www.cnbc.com/2018/09/20/wells-fargo-to-cut-workforce.html
  122. CNBC: Société Générale to cut 1,600 jobs (Apr 2019). www.cnbc.com/2019/04/09/societe-generale-job-cuts.html
  123. Euronews: Deutsche Bank to cut 18,000 jobs (Jul 2019). www.euronews.com/2019/07/08/deutsche-bank-job-cuts
  124. NBC News: Deutsche Bank slashes 18,000 jobs (Jul 2019). www.nbcnews.com/business/business-news/deutsche-bank-slashes-18-000-jobs-brutal-cull-n1027311
  125. Gulf News: HSBC to axe 4,000 jobs (Aug 2019). gulfnews.com/business/banking/hsbc-says-to-axe-4000-jobs
  126. The Local: Commerzbank to cut 4,300 jobs (Sep 2019). www.thelocal.de/20190920/commerzbank-job-cuts
  127. ANSA: UniCredit to cut 8,000 jobs (Dec 2019). www.ansa.it/english/news/2019/12/03/unicredit-job-cuts
  128. Bond Buyer: Morgan Stanley eliminates about 1,500 jobs (Dec 2019). www.bondbuyer.com/news/morgan-stanley-eliminates-about-1-500-jobs
  129. The Star (Reuters): HSBC to cut 35,000 jobs (Feb 2020). www.the-star.co.ke/news/2020-02-18-hsbc-to-cut-35000-jobs
  130. Commerzbank press release: Strategy 2024 (Jan 2021). www.commerzbank.de/en/hauptnavigation/presse/pressemitteilungen/archiv1/2021/quartal_21_01/presse_archiv_detail_21_01_94154.html
  131. Express & Star (PA): Credit Suisse to cut 9,000 jobs (Oct 2022). www.expressandstar.com/news/uk-news/2022/10/27/credit-suisse-job-cuts
  132. Business Standard: Goldman Sachs to cut up to 3,200 jobs (Jan 2023). www.business-standard.com/article/international/goldman-sachs-layoffs-123010900207_1.html
  133. Fortune: layoffs ripple through Goldman Sachs (Jan 2023). fortune.com/2023/01/11/the-axe-has-fallen-at-goldman-sachs-as-layoffs-ripple-through-the-firm/
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  135. Fortune: BlackRock cuts 500 jobs (Jan 2023). fortune.com/2023/01/11/blackrock-layoffs/
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