Layoffs hit the Banking sector

Bank Collage

Important Takeaways:

  • BMO, Wells Fargo and USAA are latest banks to report layoffs
  • Between April 2021 and July 2023, total employment in credit intermediation jobs, which include loan officers and tellers at depository institutions, fell by 45,000 to 2.67 million, according to census data.
  • BMO, which has a large presence in California through its acquisition of Bank of the West earlier this year, recently informed Golden State officials about plans for 248 layoffs. All of the jobs affected are listed as being based in the Bay Area, though the numbers may include remote workers.
  • Wells Fargo, meanwhile, informed Florida officials in July and August of its plans for 105 layoffs in Orlando. The bank did not provide details about the types of jobs being cut or the reasons for the layoffs
  • USAA, which offers banking, insurance and investment products, informed Texas officials in July of plans for 235 layoffs. The company listed the jobs as being based in San Antonio, where USAA has its headquarters.
  • Those layoffs were part of a larger plan by Morgan Stanley — reported in May by CNBC — to eliminate some 3,000 positions.

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