Reinvention
Fired Bankers’ Job Prospects Fade With Firms Under Pressure to Cut Costs
- Financial industry offered workers security as pandemic spread
- Now firings are back, hiring is slower and job offers pay less
Photographer: Christopher Dilts/Bloomberg
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Through much of 2020’s bleak economy, the financial industry has provided an oasis of stability to a vast tract of the American workforce. That’s starting to fade.
In the months since Wells Fargo & Co. broke with U.S. rivals that once vowed to resist wide-scale firings in the pandemic, a growing number of them have started cutting too. Hiring activity has tumbled from a year ago. And with both trends showing no signs of abating, many bankers losing jobs will find it harder to get back in.