The United States' six largest banks have laid off employees, reaching a ten-year high.

According to reports, the largest US banks reduced their workforce to a new high in nearly a decade by 2025, as executives attempted to control costs by cutting this typically high-cost item. By the end of December 2025, the six largest banks including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley, had a combined total of 10,600 job cuts in 2025, bringing the total number of employees to 1.09 million, the lowest since 2021 and the largest reduction since 2016.