Big banks are quietly cutting thousands of employees, and more layoffs are coming

Even as the economy has surprised forecasters with its resilience, lenders have cut headcount or announced plans to do so, with the key exception being JPMorgan Chase.

The next five largest U.S. banks cut a combined 20,000 positions so far this year, according to company filings.

A key factor driving the cuts is that job-hopping in finance slowed drastically from earlier years, leaving banks with more people than they expected.

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