Add Zions Bancorp. in Salt Lake City to the growing list of banks cutting jobs.
The $87.2 billion-asset company said its workforce will be 3% lower in early 2024 compared to a year earlier. That equates to roughly 300 positions. The cuts will be broad-based in terms of geography and departments, with much of the reductions involving jobs that are not client-facing.
“I talk to our peers, and everybody’s looking for ways to cut costs,” Harris Simmons, Zions’ CEO, said during the Barclay Global Financial Services Conference.
Zions’ noninterest expenses rose by 9% in the second quarter from a year earlier, to $508 million. The company said during its second-quarter earnings presentation that it was “focused on flattening operating expense.”
Truist Financial, Wells Fargo, Morgan Stanley, BMO and USAA are among the other financial services companies that have cut jobs or are planning to do so.