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Biggest Layoffs in US Banking History: Analyst Predicts Banks to Cut 200,000 Jobs

A Wells Fargo analyst has predicted the largest “reduction in U.S. bank headcount in history.” Banks are expected to cut 200,000 jobs as they strive to improve productivity and efficiency amid rising competition from fintech and non-bank financial institutions. US Banking Sector to Experience Biggest Headcount Reduction An analyst with Wells Fargo, Mike Mayo, has predicted that U.S. banks would cut 200,000 jobs, or 10% of employees, over the next decade, the Financial Times reported Monday. He explained: This will be the biggest reduction in U.S. bank headcount in history. Mayo said that low-paying jobs are most at risk, such…

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LinkedIn will cut nearly 1,000 jobs as pandemic slows global hiring

LinkedIn has announced it will lay off around six percent of its workforce, in part due to a coronavirus-related worldwide hiring slowdown. The Microsoft-owned company is cutting about 960 jobs from its global sales and talent acquisition teams. “[LinkedIn] is not immune to the effects of the global pandemic,” CEO Ryan Roslansky wrote in an email to employees. Continue reading LinkedIn will cut nearly 1,000 jobs as pandemic slows global hiring at E-Crypto News.

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