In the first half of this year, as demand for loans and other services surged during the outbreak, big banks in the United States and Europe added 19000 employees and largely shelved layoff plans.
as of June, the number of employees in 8 of the top 15 banks increased compared with the end of 2019, four decreased, and the other three remained unchanged. The number of employees increased by more than 7000, while that of HSBC decreased by the most and laid off nearly 3000.
in the decade after the 2008 financial crisis and the global recession, large banks have been laying off workers. However, in the new crown epidemic period, their recruitment situation is in sharp contrast to other industries. However, while the increase in staff suggests that big banks are in a better position in the crisis, this may prove fleeting as they lift the suspension of layoffs announced in March and April in the third or fourth quarter.
take Barclays, for example, which said it would suspend layoffs before the end of September. Wells Fargo, the second largest employee growth in the first half of the year, said it would start cutting costs seriously once the crisis eased, without specifying a specific time frame. HSBC said in June that layoffs were restarted after a three-month freeze. In February, the company announced plans to cut 35000 jobs over three years.
However, some new jobs will continue to exist. Citigroup said in January that it would hire 2500 programmers for its investment banking unit as it strengthened its IT capabilities. Bank of America plans to continue its plan to recruit 1000 students on campus this year and will further invest in technology and operations. The bank is hiring more people in its investment banking and credit card divisions, which are expected to grow further.