Financial failure? Nation’s largest banks just cut 20,000 jobs

A record 20,000 jobs have been shed from the U.S. banking sector, which means a major financial calamity is in the works.

America is already technically in a recession, though they redefined that word a few years back to stretch out the collapse, which will soon become more of a depression, if not much worse.

The following clip from CNBC explains the 20,000 banking job cuts and what those entail:

According to reports, the Bank of Nova Scotia is cutting roughly three percent of its global workforce, citing changes in operations and customer preferences, as well as efforts to better streamline the company.

"The reductions amount to about 2,700 jobs, based on the Canadian bank's total staff of 91,013 employees as of July 31," reported the Financial Post.

Five of the top six banks cut 20,000 workers in 2023

The Bank of Nova Scotia is just one of many banks that are trimming workers. In fact, five of the top six banks are responsible for the 20,000 banking employees who were let go in 2023 so far.

It was mostly high-paying jobs that were cut, while these banks added more part-time, lower-paying jobs to replace them. This allows the money changers to hoard billions in profits for themselves while impoverishing the very people who keep the banks running in the first place.

Keep in mind that these 20,000 job cuts are only just the beginning. According to CNBC, "some of the deepest cuts are yet to come."

Higher interest rates negatively impacting the mortgage business coupled with rampant Wall Street corruption is reportedly causing banks to hurt the little guys so, basically, the big guys can buy another yacht – ain't capitalism grand?

The Wuhan coronavirus (COVID-19) "pandemic" is also taking a lot of blame as there was a two-year hiring boom during that time fueled by a surge in Wall Street activity.

"That subsided after the Federal Reserve began raising interest rates last year to cool an overheated economy, and banks found themselves suddenly overstaffed for an environment in which fewer consumers sought out mortgages and fewer corporations issued debt or bought competitors," CNBC says.

All of this points to more trouble in 2024, which Chris Marinac, research director at Janney Montgomery Scott, says is "really uncertain." Rising defaults on corporate and consumer loans are creating conditions for even more layoffs next year.

"They need to find levers to keep earnings from falling further and to free up money for provisions as more loans go bad," he added. "By the time we roll into January, you'll hear a lot of companies talking about this."

Wells Fargo and Goldman Sachs are reportedly cutting the most people. Each of these two banks cut roughly five percent of its workforce so far this year, with more cuts on the way.

Wells Fargo decided to pivot away from the mortgage business after having already cut some 50,000 jobs in the past three years as part of CEO Charlie Scharf's cost-cutting plan – and more cuts are incoming.

"Most banks should be shut down," one commenter wrote. "And the corrupt scumbags who run them arrested."

"The Fed will collapse," wrote another about the private central banking parasite known as the Federal Reserve that has been destroying America since its inception in 1913.

"The fake fiat U.S. dollar will be devalued ... twice. During that time, gold and silver will get pretty high as the U.S. will lose its world reserve currency status ... temporarily."

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