In 2026, 13 finance & banking companies have cut a combined 52,483 jobs, averaging 5.5% 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 | 10% | AI-DRIVEN | |
| Citigroup | 20,000 | 10% | AI-DRIVEN | |
| Commerzbank | 3,900 | 9% | MERGER | |
| Morgan Stanley | 2,500 | 3% | COST CUT | |
| Goldman Sachs | 1,500 | 3% | COST CUT | |
| Mastercard | 1,400 | 4% | COST CUT | |
| Capital One | 1,100 | 2% | MERGER | |
| Close Brothers | 600 | 20% | COST CUT | |
| KPMG UK | 600 | 8% | COST CUT | |
| UniCredit | 400 | 0.5% | RESTRUCTURE | |
| BlackRock | 250 | 1% | COST CUT | |
| JPMorgan Chase | 121 | 0.0% | RESTRUCTURE | |
| Wells Fargo | 112 | 0.0% | AI-DRIVEN |