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Investment Banking

Why Europe’s biggest investment banks are cutting costs a year after Wall Street rivals

With the exception of Credit Suisse, European banks refrained from deep redundancies last year

As well as job cuts, bankers are enduring another brutal bonus round
As well as job cuts, bankers are enduring another brutal bonus round Photo: Getty Images/iStockphoto

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The biggest Wall Street banks cut 30,000 jobs last year, kicked off by Goldman Sachs who informed its staff shortly after Christmas 2022 of plans to make its deepest reductions since the 2008 financial crisis.

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