Money Makers Mentor

Big Banks Hire 19,000 Prompted by COVID-19 Pandemic

The COVID-19 pandemic prompted big banks to hire 19,000 employees in the first two quarters of 2020. Eight of the 15 largest U.S. and European banks hired staff to service a spike in loans and services during the pandemic.

Barclays PLC (BCS), Wells Fargo (WFC), Bank of America (BAC) and Citigroup Inc. (C) hired the most workers. To illustrate, Barclays hired 7,200 new employees, while Wells Fargo hired 6,500 employees. Positions were added in investment banking divisions, credit cards, technology and operations.

Nevertheless, Deutsche Bank Aktiengesellschaft DB), Natwest Group PLC (NWG), BNP Paribas SA (BNP.PA) and HSBC Holdings PLC (HSBC) laid off employees between December 2019 and June 2020. HSBC let go 2,600 employees and in February announced 35,000 job losses over the next t…

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