• World - North America
  • Updated: January 10, 2023

US Banks Get Ready For Recession, Cut Jobs

U.S Banks are forecast to report lower fourth-quarter profits this week.

Four American banks; JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc and Wells Fargo & Co will report earnings on Friday.

The banks are also expected to report an average 17% drop in net profit in the fourth quarter from a year earlier, according to estimates from Refintiv.

Morgan Stanley analysts led by Betsy Graseck said; "With most U.S. economists forecasting either a recession or significant slowdown this year, banks will likely incorporate a more severe economic outlook."

Amid rising prices and inflation, firms have been prompted to slash compensation or eliminate jobs.

Goldman Sachs will start laying off thousands of employees from Wednesday. Morgan Stanley and Citigroup, have also cut some jobs.

Related Topics

Join our Telegram platform to get news update Join Now
Quadri Adejumo
Quadri Adejumo

Quadri Adejumo covers World Health, Climate & Humanitarian. He's on Twitter as quadri_flash. ...

More From this Author


access bank plc Financial Services

Access Bank plc, is a Nigerian multinational commercial bank, owned by Access Ba...

fbn holdings plc Financial Services

FBN Holdings Plc. is a non-operating financial holding company of one of the lar...


0 Comment(s)


See this post in...