29 Oct “Quiet cutting”
Remember that little gem?
Back on Saturday Broadcast 33, I reported on “gentlemen’s layoffs” because we were still getting force-fed the nonsense about how supposedly great the job market was, yet layoffs were plentiful.
“2 day a week office requirement = 20% voluntary departures,” [Jason] Calacanis wrote to [Elon] Musk, calling the tactic a form of “gentlemen’s layoffs.”
What a phrase.
Now we hear a lot about “quiet layoffs” and quiet revisions of those spectacular job market numbers. 😒 Color me not surprised.
In the TL;DR key points we find:
Even as the economy has surprised forecasters with its resilience, lenders have cut headcount or announced plans to do so, with the key exception being JPMorgan Chase.
The next five largest U.S. banks cut a combined 20,000 positions so far this year, according to company filings.
A key factor driving the cuts is that job-hopping in finance slowed drastically from earlier years, leaving banks with more people than they expected.
Oh there’s one of our buzzwords: rrrrrresilient! As a bonus, we get a blaming of the employees, too: y’all didn’t job hop like we expected, so we have too many of yous and some of ya need to hit the bricks.
The largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come.
So in the midst of “the GOAT of all job markets,” the largest banks have had layoffs all year long.