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World Coronavirus Dispatch: US banks consider layoffs as recession sticks

As executives prepare for an extended recession and loan losses that come with it, layoffs are back on the table, said consultants, industry insiders and compensation analysts

r&d, coronavirus, vaccine, research & development

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3 min read Last Updated : Aug 29 2020 | 4:35 PM IST

Banks eye layoffs as short-term crisis ends, long-term costs emerge: At the height of the coronavirus pandemic last spring, the heads of U.S. banks, including Morgan Stanley and Bank of America Corp, pledged not to cut any jobs this year. However, as executives prepare for an extended recession and loan losses that come with it, layoffs are back on the table, said consultants, industry insiders and compensation analysts. Read more here

Let’s look at the global statistics:
  Total Confirmed Cases: 2,47,65,771  
Change Over Yesterday: 2,84,607

 Total Deaths: 8,37,559

 Total Recovered: 1,62,07,881

Nations hit with most cases: US (59,17,817), Brazil

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