The world's leading financial institutions have cut around 62,000 jobs in 2023 due to the lack of stability, the decline in the number of transactions and registrations on the stock exchanges, reports the Financial Times.

In the past year, as the periodical notes, one of the largest reductions in jobs has taken place since the financial crisis that occurred 15 years ago.

Twenty of the world's biggest banks cut at least 61,905 jobs in 2023, according to Financial Times calculations. That compares with more than 140,000 jobs slashed by the same lenders during the global financial crisis of 2007-08.

Half of those cuts were at Wall Street investment banks, which were unable to keep pace with rising interest rates in the US and Europe.

In previous years, such as 2015 and 2019, large job cuts at banks were due to large interest rate cuts by European lenders.