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Wall Street investment banks in the City hike headcount despite deep job cuts

Wall Street banks have cut thousands of jobs in 2023, but headcount is still higher in the UK than it was at the beginning of the year

Employee numbers at European-headquartered banks in the UK have fallen this year
Employee numbers at European-headquartered banks in the UK have fallen this year Photo: (Photo by Dan Kitwood/Getty Images)

Staff numbers at the biggest Wall Street investment banks in London have continued to grow this year, despite deep cuts earlier in 2023, stoking fears that more cost reduction is on the cards.

The top US banks in London have increased headcount by 34% over the past five years, according to data from workforce intelligence company Revelio Labs provided to Financial News, with numbers continuing to tick up in 2023. 

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