Big banks led by Citi continue to trim staff to cut costs

U.S. banking giants continued to shed employees in the first quarter, with Citi group seeing the biggest drop.

Headcount at Bank of America, Wells Fargo and PNC Financial declined by about 2,000 jobs combined in the three months ended March 31 compared with the previous quarter. Citi’s reductions were part of a total 7,000 job cuts that will be reported in upcoming quarterly earnings as employees complete their notice periods, its Chief Financial Officer Mark Mason told reporters on Friday.Industry executives acknowledged the challenges in navigating the changing rate environment. Analysts said higher funding costs, contracting net interest margins and uneven trading results were likely to keep banks cautious.

That would bolster the outlook for Goldman Sachs and Morgan Stanley, where headcount shrank by 900 and 396, respectively. Morgan Stanley’s finance chief Sharon Yeshaya told analysts on Tuesday the investment bank was still making “opportunistic hires.”

Quarter Citi Bank Part Outlook Staffing Citigroup PNC Financial Brian Moynihan Citi

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