In 2024, prominent US financial giants are grappling with mounting challenges, leading to a surge in job cuts across the industry. This trend, reflective of the impact of tighter monetary policies and broader shifts within the financial sector, follows a year of substantial layoffs on Wall Street.
PayPal Holdings – The digital payments powerhouse, PayPal Holdings, is set to trim approximately 2,500 jobs, constituting 9% of its global workforce in 2024. CEO Alex Chriss explained that this decision is aimed at right-sizing the business, emphasizing the need to operate with agility to meet customer demands and drive profitable growth.
Block Inc – Jack Dorsey’s payments company, Block Inc, has commenced a job-cutting initiative this week, aligning with a previously disclosed plan. Sources familiar with the matter confirmed the implementation of workforce reductions as part of strategic adjustments within the organization.
Citigroup – Amidst its most significant restructuring in decades, Citigroup announced in January its intention to slash 20,000 jobs over the next two years. This move signifies the bank’s commitment to adapt to evolving market dynamics and enhance operational efficiency.
Nasdaq – Following the closure of its acquisition of fintech firm Adenza, Nasdaq has launched a restructuring program. The company reported a notable increase in restructuring charges, reaching $31 million in the fourth quarter, as it navigates the changing landscape of the financial industry.
BlackRock – The world’s largest asset manager, BlackRock, disclosed plans in January to reduce its workforce by approximately 3%. Despite this cut, the company anticipates a larger headcount by the end of 2024, showcasing a strategic realignment to ensure sustained growth and competitiveness.