Banks cut thousands of jobs

Banks cut thousands of jobs

Major financial firms are cutting jobs due to a slow recovery, low interest rates and technology advances.

In first-quarter earnings announcements this month, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Morgan Stanley revealed that they have slashed more than 31,000 jobs, or 3.5 percent of their combined work force, in the past year. For three of those banks, it was the second straight year of cutbacks. And the pattern is being repeated at banks around the world.

A slow, halting recovery has kept loan demand in check. Low interest rates are crimping profits from lending. New regulations have extinguished old sources of revenue, and compliance is expensive. The cuts also reflect advances in technology that have made bank tellers more expendable.

Read more at The Register-Guard.

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