Big banks led by Citi continue layoffs amid pressure to cut costs
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 16 2024
0mins
Source: Yahoo Finance
- Citigroup and other U.S. banking giants saw a decline in employee numbers in the first quarter of the year.
- Citi's job cuts: Citi reduced its headcount by 2,000 employees as part of a broader plan to cut 20,000 jobs over two years.
- Industry challenges: Banks are facing pressure to control costs due to an uncertain economic outlook, with concerns about inflation and interest rate cuts.
- Bank of America's situation: Bank of America cut more than 4,700 jobs since the first quarter of 2023.
- JPMorgan Chase's exception: JPMorgan Chase added nearly 2,000 employees in the first quarter, going against the trend of layoffs in the industry.
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Analyst Views on USB
Wall Street analysts forecast USB stock price to rise
20 Analyst Rating
12 Buy
7 Hold
1 Sell
Moderate Buy
Current: 52.130
Low
50.00
Averages
58.87
High
75.00
Current: 52.130
Low
50.00
Averages
58.87
High
75.00
About USB
U.S. Bancorp is a financial services holding company. Its segments are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. It provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing. Its banking subsidiary, U.S. Bank National Association (USBNA), is engaged in the banking business, principally in domestic markets. USBNA provides a range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions. Its non-banking subsidiaries offer investment and insurance products to its customers principally within its domestic markets, and fund administration services to a range of mutual and other funds.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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