Bank Layoffs Continue to Mount
NEW YORK (TheStreet) -- Layoffs in the financial industry are accelerating, according to the latest report from outplacement firm Challenger Gray & Christmas.
Wall Street shed 34,856 jobs in the first four months of 2013, nearly three times the 12,860 layoffs in the first four months of 2012.
The financial sector is leading the downsizing effort in Corporate America, accounting for 19% of the job cuts announced so far in 2013. Retail, healthcare and aerospace/defense sectors are also firing more workers amid slowing consumer spending and government budget cutbacks.
Banks are laying off employees to lower costs and boost returns in a difficult operating environment. Bank of America
Earlier this year, JPMorgan Chase
-- Written by Shanthi Bharatwaj New York.
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