""I think the general [headcount] trend in the banking industry over the last decade is stable to slightly declining," Pim Hilbers, a managing director working with banking and talent at BCG, told Burleigh. " I don't see that changing anytime soon. That doesn't mean that everybody just stays in their job for life. I think we see a lot more mobility than we saw in the past.""
""So far, America's largest financial institutions haven't been making deep workforce cuts. Bank of America employed just four fewer workers at the end of the third quarter this year, compared to 2024. In that same time period, JPMorgan saw its headcount climb by 2,000 employees, and more than a third of the new staffers were brought onto corporate operations. Even Goldman Sachs, which implemented multiple rounds of layoffs this year, employed 48,300 this September-around 1,800 staffers higher than the year before.""
Headline-grabbing Wall Street layoffs have not produced large aggregate staffing declines across banking and finance. Overall headcount in the sector has remained relatively stable, with some firms trimming slightly and others hiring. Industry leaders describe the decade-long headcount trend as stable to slightly declining while noting greater workforce mobility. Major banks show small net changes in year-over-year staffing, with examples including minimal losses at Bank of America, gains at JPMorgan, and modest increases at Goldman Sachs. Banks are postponing hiring growth by leveraging AI-driven efficiency gains, which could sustain sluggish hiring for years, while certain roles such as marketing and accounting face greater automation risk. Predictive, generative, and agentic AI are reshaping competitive advantage.
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