DECRYPTION – They cut especially in the workforce of the investment bank, where salaries are higher.
“Winter is coming.” Anticipating a deterioration in the economy, the major US banks are playing it safe. JP Morgan Chase, Citigroup, Bank of America and Wells Fargo all announced Friday, on the occasion of the publication of solid annual results, an increase in their provisions to deal with unpaid credit. JPMorgan Chase has thus increased its reserves by 1.4 billion dollars, Citigroup by 640 million, to name only the most important. This cooled the financial markets. The highly listened to Jamie Dimon, boss of JP Morgan Chase, expects a “moderate recession” in the United States in 2023. The first American bank saw its results melt by 22% in 2022, to 38 billion dollars.
In anticipation of difficult days, several major US banks have already taken measures to tighten their belts, which include staff reductions. Goldman Sachs has just launched the most drastic cost reduction plan since…
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