Covid-19: Big banks reassure staff on layoffs owing to future uncertainty

There could be a sudden surge in activity once cities re-open, people get back to work and markets normalize in a few months - leaving banks unprepared if they fire staff that seem unnecessary now

Big banks are postponing decisions about staff cuts as the coronavirus outbreak hits their businesses hard, with executives saying they are unsure how long the outbreak will hurt the economy and worried about being unprepared if business suddenly snaps back.

Morgan Stanley , Goldman Sachs Group Inc , Wells Fargo & Co , Deutsche Bank AG , HSBC Holdings PLC and Citigroup Inc were among those on Thursday reassuring staff privately or through public statements that job cuts are not on the table.

Banks are hesitant to make changes because the future is so uncertain, executives and external consultants told Reuters.

"You would