Wall Street layoffs picked up steam, especially after Citigroup and Barclays officially announced plans to cut hundreds of workers.
The two global investment banks are about to cut plenty of their trading and advisory specialists by the end of this week following Wall Street with its layoffs and sharp revenue declines. What’s more, specialists predict dimming prospects during the next year for Wall Street.
Hailing from the Big Apple, Citigroup is a huge investment bank that offers a variety of financial services. Earlier this week, the official bank representatives announced they plan to let go of more than 50 units from their trading and advisory personnel.
It is not only about trading and advisory teams. Judging by the official Bloomberg report, the bank is about to cut several dozen of its banking employees.
It seems like underperformance affects not only the US-based banks and financial institutions but also some of the UK’s biggest players. For example, London-based Barclays is heard to cut down around 200 positions that involve not only banking but also trading roles. The information has not been officially confirmed by the bank representatives but it is very likely to be true.
We are back to the reality when trading underperformers are losing jobs. It is a well-known practice used by Wall Street but paused over the last few years due to the trading activity boom.
What we see is a lowering of trading and investment activity. Of course, these cutoffs do not seem to be crucial compared with Stripe or Meta letting thousands of works go recently. Nevertheless, it can be only a start for the bigger move, as experts predict no reprieve in 2023.
Executives are growing more and more pessimistic. They say the global fixed-income level has reached its peak this year. Equity revenue will continue to decline and keep the stock market bearish.
So, it might be a good opportunity to look for another trading approach. Long-term investments are no longer safe. Short-term strategies based on ethical analysis and charts seems to be a better and faster option to grow wealth, especially when speaking about trading. Major currencies still deliver enough volatility with round-the-clock access to the market and a selection of instruments to trade.