In the wake of coronavirus lockdowns, the world’s largest investment banks presented a united front in refusing to cut jobs. A few months on and cracks are beginning to show.

Banks are facing increasing pressure to cut costs as profits have slumped over the course of 2020. While trading and investment banking revenues have surged, the largest lenders put aside a collective $139bn in loan loss provisions during the first half which have hit their bottom line and present longer term challenges to banks, many of which were already facing calls from investors to cut back.