Big US banks made $47.3 billion, cut over 5,000 jobs
Business
Big US banks just made a whopping $47.3 billion in early 2026, but that hasn't stopped them from cutting over 5,000 jobs.
Wells Fargo led the pack with more than 4,000 layoffs, while Citigroup and Bank of America also trimmed their teams.
Meanwhile, JPMorgan Chase and Morgan Stanley actually hired more people instead.
Banks cite AI to boost efficiency
Banks say these job cuts are all about boosting efficiency as they invest heavily in AI to modernize how things work.
For example, Citigroup's AI tools have saved staff a lot of time.
Even though switching to tech isn't always smooth sailing, bank leaders seem pretty optimistic about what AI can do for their future, and it's clear the whole industry is shifting toward smarter, tech-driven operations.