(Reuters) – Several leading U.S. financial companies are increasing focus on core businesses and staying calm after aggressive growth in an era of low interest rates has led to overemployment. Therefore, we are reducing staff.
Their actions highlight the challenges posed by tight monetary policy and follow a year of large-scale layoffs on Wall Street.
Here are some companies that are reducing the number of employees.
PayPal Holdings –
The digital payments giant plans to cut about 2,500 jobs in 2024, representing 9% of its global workforce. CEO Alex Criss said the decision to right-size the business was “so we can move at the speed we need to serve our customers and serve them.” Drive profitable growth. ”
Block Co., Ltd. –
Jack Dorsey's payments company began cutting jobs this week as part of a previously disclosed plan, sources told Reuters.
Citigroup –
The company announced in January it would cut 20,000 jobs over the next two years, amid its biggest restructuring in decades.
Nasdaq –
The exchange operator announced that it has begun a restructuring program following the completion of its acquisition of fintech company Adenza. The company said restructuring costs more than doubled in the fourth quarter to $31 million.
black rock –
The world's largest asset manager announced in January that it would cut about 3% of its workforce, but expects to add more by the end of 2024.
(Reporting by Niket Nishant in Bengaluru; Editing by Anil D'Silva)
