Citigroup (C), US Bancorp (USB), and Truist (TFC) are among the financial institutions reducing their size and operations 

The banking industry is currently focused on downsizing to stabilize earnings, given challenging market conditions 

The trend toward downsizing commenced after the failures of Silicon Valley Bank, Signature Bank, and First Republic, which raised concerns about the strength of U.S. banks 

Banks are selling investments and loans to preserve capital and meet new regulatory requirements 

Head counts at banks are decreasing due to uncertainties stemming from geopolitical unrest, rising bond yields, and high interest rates 

Big banks like Bank of America, Citigroup, and Wells Fargo have already reduced their workforce by thousands in the third quarter 

Citigroup is undergoing a significant restructuring, with plans to reduce its management layers from 13 to 8, eliminating complexity 

Bank of America reduced its headcount through attrition and selective hiring, even while bringing in new employees 

Wells Fargo saw the largest workforce reduction among major banks, with over 6,000 fewer workers 

Smaller regional lenders are also implementing cost-cutting measures, and in some cases, this is positively received by investors, leading to increased stock values