It appears that the carnage-level blood sacrifice banks have been offering up to the Gods of Commerce for almost a decade have finally been deemed adequate:
It’s the beginning of the end for major job cuts at U.S. banks, according to Challenger, Gray & Christmas Inc., a firm that advises many of them on workplace reductions.
Dismissals across the financial industry dropped to about 1,940 per month this year through October -- the slowest pace in more than a decade -- as banks and other firms finished reshaping themselves in the wake of the financial crisis, said John Challenger, head of the Chicago-based consulting firm.
The great Game of Musical Thrones has ended! If you're a second-year analyst at BofA Merrill, you're keeping your job! If you're a second-year analyst at Goldman, you're keeping your job! If you're a second-year analyst at Deutsche Bank... umm...things seem "better?"
But that's not even all the good news for bankers who like to be employed. Turns out that the surreal results of our recent election might be just what the revenue doctor ordered! Trump's vocal interest in setting magnificent fire to the current regulatory framework would be yuge for the banks. For instance, Trump's seeming plan to gut Dodd-Frank and push the Fed to raise interest rates (we know, we know) would be the stuff of dreams for Brian Moynihan. Because BofA is sitting on a metric fuck-ton of non-interest deposits, BriMo would be benefit oh so much from rising rates while also letting his freak flag fly on the Merrill Lynch side of things thanks to the Trumpian regulatory environment.
And guess who BriMo and his peers can get finally rid of?!
And a hiring boom may be about to end in one corner of the industry -- compliance departments. Days after last week’s vote, Trump’s transition team signaled that his administration will seek to roll back key pieces of the Dodd-Frank Act, a vast 2010 regulatory overhaul that sought to make the financial system safer. That, and stiffer enforcement, had pushed banks to build armies of internal watchdogs.
Stay tuned for "Layoffs Watch '17: The Compliance And Risk Massacre."