Citigroup and Wells Fargo are resuming job cuts starting this week and ending an earlier pledge to pause staff reductions during the coronavirus pandemic.
U.S. banks have resumed job cuts in recent weeks after pledging, en masse, to pause such actions earlier this year when the coronavirus outbreak first began. European firms including HSBC Holdings Plc and Deutsche Bank AG had restarted reductions in May and June after also delaying. The pandemic’s continued weight on the economy is threatening lenders with higher credit costs and crimping revenue growth.
Job cuts are back at the world’s biggest lenders after a pause during lockdown. Banks from Citi to HSBC have begun to slash their workforce, putting the industry on track to exceed the almost 80,000 job losses disclosed last year. Bloomberg’s Dani Burger reports on “Bloomberg Daybreak: Europe.”