In 2026, 19 finance & banking companies have cut a combined 67,982 jobs, averaging 8.8% of workforce per company.
Financial services firms are cutting aggressively in 2026, with AI automation targeting middle and back-office operations. HSBC's 20,000-person plan and Citigroup's ongoing 20,000-person reduction represent a structural shift in how banks staff their operations.
| Company | People Cut | % of Workforce | Date | Category |
|---|---|---|---|---|
| HSBC | 20,000 | 9.5% | AI-DRIVEN | |
| Citigroup | 20,000 | 10.0% | AI-DRIVEN | |
| Standard Chartered | 7,800 | 9.4% | AI-DRIVEN | |
| Commerzbank | 6,900 | 17.3% | MERGER | |
| Morgan Stanley | 2,500 | 3.0% | COST CUT | |
| Acrisure | 2,250 | 11.0% | AI-DRIVEN | |
| Goldman Sachs | 1,500 | 3.3% | COST CUT | |
| Mastercard | 1,400 | 4.2% | COST CUT | |
| Fidelity Investments | 800 | 1.0% | RESTRUCTURE | |
| PNC / FirstBank | 777 | 35.3% | MERGER | |
| Fifth Third Bank | 740 | 2.7% | MERGER | |
| Nationwide Building Society | 600 | 2.4% | MERGER | |
| KPMG UK | 600 | 8.5% | COST CUT | |
| Close Brothers | 600 | 20.0% | COST CUT | |
| UniCredit | 400 | 0.5% | RESTRUCTURE | |
| Cboe Global Markets | 332 | 20.0% | RESTRUCTURE | |
| BlackRock | 250 | 1.0% | COST CUT | |
| BlackRock | 200 | 0.8% | COST CUT | |
| JPMorgan Chase | 121 | 0.0% | RESTRUCTURE | |
| Wells Fargo | 112 | 0.0% | AI-DRIVEN | |
| KPMG US | 100 | 10.0% | COST CUT |