Big banks axe dealmaker jobs as revenues tumble
Major investment banks have started cutting dealmaker jobs after last year’s hiring binge as revenues fall.
12 big banks have slashed their investment banker roles in the second quarter of 2022, according to research from data provider Coalition Greenwich, as reported by Financial News London.
These include Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, SocGen and UBS.
Falling revenues and harsh market conditions have made 2022 a stark contrast to 2021, when major banks splurged on hiring and were eager to recruit and maintain top talent.
Banks in the City embarked on a record hiring spree in 2021, with substantial number of jobs created after the UK left the EU.
In 2022, surging inflation, monetary policy tightening by central banks, and Russia’s invasion of Ukraine have dented confidence.
The UK’s hiring boom overall has also slowed as labour shortages and economic uncertainty hit recruitment efforts. Companies are taking a more cautious approach to hiring in light of the current economic climate.