What a year 2023 has been for financial services.
Rate hikes piled pressure on dealmaking. Inflation squeezed bottom lines. From banks to the Big Four, brutal job cuts continued. Active managers bled billions.
New regulation on everything from ESG to private markets buffeted the industry, while across the sector, firms scrambled to work out what new AI tools meant for their business models.
That's all not to mention geopolitical conflict and the small matter of multiple bank collapses and the biggest rescue deal since the financial crisis.
Financial News dives back into our archive to tell you the story of the year that was, courtesy of each month's biggest story.
January
Goldman Sachs London staff shell-shocked as job cuts hit: ‘There were a lot of tears’
February
Citigroup and M&G join JPMorgan with ChatGPT crackdown
March
‘It’s game over’: Anger and tears from shocked Credit Suisse staff after historic UBS takeover
April
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EY execs under fire over split failure: ‘We sell M&A… we can’t even deliver it
May
HSBC fined $45m for WhatsApp monitoring failures
June
July
Credit Suisse to cut 80 London investment bankers as layoffs start
August
Kirkland & Ellis M&A star asked to leave after exit plans leaked
September
Big Four accountants cut more jobs as staff exits plunge
October
Citigroup to strip out five layers of management under CEO Jane Fraser’s revamp
November
FCA targeted hundreds of firms in money laundering officer crackdown
December
UBS creates new team of top dealmakers led by former investment bank head L’Esperance
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