NEW YORK–Major banks continue to reduce both their number of employees and branches.
As CUToday.info reported here, Bank of America cut more than 10,000 jobs in 2015 and is planning additional job cuts in 2015.
JPMorgan Chase reported it now has 6,700 fewer workers than one year ago, and Citigroup also announced a headcount reduction.
Many of those cuts are coming at the branch level. JPMorgan Chase reported that as of year-end 2015 it had 3.4% fewer branches (5,413 branches and about 235,000 staff), while Bank of America said it is now operating 129 fewer "financial centers," (2.65%) according to its earnings report. Citigroup said it had 4% fewer branches at the end of 2015 versus the previous year.
The one area where the banks said they were still hiring: compliance positions.