Wall Street's major banks collectively cut 10,600 jobs last year, the highest level in nearly a decade.

Last year, the largest banks in the United States saw a record high in the number of employee layoffs in nearly a decade, as executives attempted to control costs by reducing this typically highest expense item. As of the end of December, the six major banks - JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley - had a total of 1.09 million employees, a decrease of about 10,600 from the same period last year, marking the lowest level since 2021. The last time this group saw such a large scale of layoffs was in 2016, when the number of employees decreased by about 22,000 from the previous year.