FACTBOX-Wall Street's string of job cuts in tumultuous 2023

(Updates with latest figures)

Jan 18 (Reuters) - Big U.S. banks shed more than 23,300 jobs in 2023 to cut costs in a tumultuous year during which tight economic conditions weighed and investment banking businesses languished.

Last year, Goldman Sachs undertook the biggest round of layoffs since the 2008 financial crisis, while headcount at Citigroup, undergoing its biggest restructuring in decades, fell by 1,000.

Headcount at major U.S. banks at the end of 2023:

GOLDMAN SACHS (GS.N)

The Wall Street giant’s headcount fell 7% in 2023. The groundwork was laid early last year, when it launched its biggest round of layoffs since the global financial crisis of 2008. It ended the year with 45,300 employees.

CITIGROUP (C.N)

Under CEO Jane Fraser’s plan to simplify the bank, Citi began a sweeping reorganization to remove some layers of management. The bank had 1,000 fewer employees at the end of last year, compared with 2022. It also pledged to cut 20,000 jobs over the next two years.

WELLS FARGO (WFC.N)

The lender, which has cut jobs every quarter since the third quarter of 2020, continued to trim headcount. It exited 2023 with 225,869 employees, 5% fewer than a year earlier.

BANK OF AMERICA (BAC.N)

The second-biggest U.S. lender’s workforce contracted by 2%. It had 212,985 employees at the end of December.

MORGAN STANLEY (MS.N)

At 80,006, Morgan Stanley’s headcount was 3% lower than the year before. The bank is also under the leadership of a new CEO, Ted Pick, since this year.

JPMORGAN CHASE (JPM.N)

The biggest U.S. lender bucked the trend of layoffs, adding more than 16,200 employees.

CHARLES SCHWAB (SCHW.N)

The brokerage firm laid off about 6% of its staff in 2023.

Source: Company statements, Reuters articles