Seems a stretch to associate leadership's 'hack associates with gusto campaign' to any economic or market forces.
These draconian cuts aren't aligned to any other force except the senior leadership team's desire to cut as as large headcount as they can regardless of the impact.
Costs (employees) must be reduced (axed), that's management's number one initiative over the past couple years. It has done nothing but gain momentum and one can only hope their arrogance comes back to take a huge chunk out of their backside.
How will 2016 develop? Doesn't matter what happens outside the bank - inside the bank it is all about whack-a-associate.