BMO Financial Group, Wells Fargo and USAA have reported hundreds of layoffs to state officials in recent weeks as the U.S. banking industry continues to downsize.
The job cuts come as banking executives express caution about the industry’s growth prospects in the second half of the year, and as some banks divest certain parts of their businesses.
Between April 2021 and July 2023, total employment in credit intermediation jobs, which include loan officers and tellers at depository institutions, fell by 45,000 to 2.67 million, according to census data.
BMO, which has a large presence in California through its acquisition of Bank of the West earlier this year, recently informed Golden State officials about plans for 248 layoffs. All of the jobs affected are listed as being based in the Bay Area, though the numbers may include remote workers…Source – Read More!