Layoffs, Branch Closures Reveal Banking Crisis May Be Far From Over

America’s biggest banks appear to be battening down the hatches as many companies in the financial sector are laying off workers, shutting down branches, and failing to recover from the banking crisis this past spring. Some market analysts wonder if the industry is preparing for a recession or a prolonged anemic economic landscape. This year, the largest U.S. financial institutions have been trimming their payrolls, and the expectation on Wall Street is that the worst is yet to come. Aside from JPMorgan Chase, the country’s biggest and most profitable bank, many companies are trimming employee counts. So far, in 2023, Wells Fargo and Goldman Sachs have reduced their workforce numbers by approximately 5 percent. The former has engaged in a three-year-long, $10 billion cost-cutting initiative that has included terminating 50,000 jobs. The latter plans to let go as much as 2 percent of its workers in the coming weeks....