Over the past week, global investment banks like Citigroup and Barclays have laid off workers as they attempt to mitigate declining revenues. The scale of these layoffs has not been as large as the layoffs occurring in the tech industry; however, they indicate a potential trend that may sweep Wall Street firms if the markets continue to struggle. Credit Suisse has already announced its plan to cut thousands of jobs, and other banks are looking to cut expenses by removing underperforming employees as well.
See "Layoffs at global investment banks this week indicate a larger trend on Wall Street of cutting underperforming employees", Hugh Son, CNBC, November 10, 2022