Big banks are postponing decisions about staff cuts as the coronavirus outbreak hits their businesses hard, with executives saying they are unsure how long the outbreak will hurt the economy and worried about being unprepared if business suddenly snaps back.
) were among those on Thursday reassuring staff privately or through public statements that job cuts are not on the table.
There could be a sudden surge in activity once cities re-open, people get back to work and markets normalize in a few months – leaving banks unprepared if they fire staff that seem unnecessary now. Or the coronavirus could cause a slow, grinding global recession that lasts much longer. The eight biggest U.S. banks decided to stop share repurchases and may cut dividends to show they are not using money unwisely. Wall Street is also expected to slash bonuses this year.
Citigroup CEO Mike Corbat ordered a suspension of any planned staff cuts, a person familiar with the matter told Reuters. JPMorgan Chase & Co declined to comment, and Bank of America Corp did not respond to a request for comment.
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