At the height of the coronavirus pandemic last spring, the heads of U.S. banks including Morgan Stanley , Bank of America Corp and others pledged ...
At the height of the coronavirus pandemic last spring, the heads of U.S. banks including Morgan Stanley , Bank of America Corp and others pledged not to cut any jobs in 2020 because it was the wrong thing to do.
On top of that, working from home has shown some managers that they need fewer employees to do the same amount of work. JPMorgan Chase & Co already cut around 100 jobs in mid-July, according to comments on social media. People who said they worked in three divisions – the community and consumer bank, the commercial bank and the corporate and investment bank – said they were let go. JPMorgan representatives declined to comment.
A Standard Chartered spokesman said the job cuts are not due to the pandemic, but are part of a more than 4-year-old strategic plan. Any Standard Chartered employees let go in 2020 will be paid their salary for the rest of the year and will receive severance pay, according to a bank statement.The Bank of Nova Scotia also let go of some U.S. investment bank staff, according to several sources familiar with the development. The bank declined to comment.
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