Financial institutions are cutting employees, managers, loans, investments, and business lines to stabilize profitability in one of the harshest operating circumstances since the 2008 financial crisis.

The downsizing was prompted by the failures of Silicon Valley Bank, Signature Bank, and First Republic.

Banks sold investments and loans to preserve capital and set aside larger buffers for hazardous asset losses.

As banks prepare for further economic instability, head counts are shrinking, and the financial motivation to grow isn’t there.

Big banks like Bank of America, Citigroup, and Wells Fargo have cut 11,265 employees in the third quarter.