During the 2008-9 recession, workforce reductions proved particularly costly for organizations and employees alike. By the time COVID-19 hit, though, memories had faded and layoffs soared again; unemployment levels exceeded those of the great recession. Certainly, some industries fared better than others. But what happened within industries? Were some companies particularly successful at curbing job losses? If so, what might their experiences teach us that could help curtail downsizings when the next crisis hits?

This study aimed to answer these questions. It centered on the banking industry, examining the experiences of 1,364 retail banks using data obtained from the FDIC and several public sources, as well as perusals of annual reports and interviews with bank leaders.