But it's not all bad news for the industry, as the 'best' people are still said to be in demand.
Barclays CEO Antony Jenkins said he will cut more jobs in 'certain areas' of the business.
The bank needs to 'get more efficient, get more effective and focus more on the customer', Jenkins said in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland Thursday. 'And as technology comes along that will mean that we will lose jobs in certain areas'.
'We’re still going to be employing a lot of people', Jenkins, 52, said in the interview. 'The banking industry is going through what I like to call a 100-year transformation'.
In the meantime, Bloomberg also reports that Wall Street firms are once again competing for top talent as the economic outlook improves and clients take on more leverage, said Christian Meissner, Bank of America’s head of global investment banking.
'The best people are in very high demand', Meissner, 44, said in a Bloomberg Television interview with Erik Schatzker and Stephanie Ruhle at the World Economic Forum in Davos, Switzerland. In the aftermath of the financial crisis, 'there wasn’t much of a market, but at the moment, yes, absolutely'.