According to CNBC, the financial sector witnessed the second biggest job cuts, with 8, 717 layoffs announced in the October Challenger, Gray & Christmas report.

"The banking sector is cutting workforce levels as a direct result of an improving economy. Many banks, including Bank of America, which announced 4,200 job cuts in October, are slashing positions in their mortgage department as the number of troubled mortgages and foreclosures dwindles," said John A. Challenger, chief executive officer of Challenger, Gray & Christmas, in a statement. "Furthermore, improvements in the economy are also pushing interest rates back up, which is curbing demand for refinancing."