“It’s beginning to look a lot like Christmas.”

Yes, according to advisory firm Challenger, Gray & Christmas, the financial services industry has probably reached the beginning of the end for major job cuts.

Dismissals across the financial industry dropped to about 1,940 per month this year through October - the slowest pace in more than a decade - as banks and other firms finished reshaping themselves in the wake of the financial crisis, said John Challenger. And that was before Donald Trump’s surprise election to U.S. president this month led to a stock rally that may ease pressure to shave costs.

“We will still see layoffs, but they’re not the severe cuts that they were when they were forced to change their business premises and models,” said Challenger, who added that banks don’t need “the same kind of bloodletting.” They’ll do so in underperforming units or in areas where technology reduces the need for humans.

Altogether, financial firms have cut more than 800,000 workers since 2005, according to data compiled by Challenger. Companies reduced staff, shifted work to junior employees, moved supporting roles to less expensive cities and invested in technology to improve productivity.

Unfortunately, the surprising results of the election is likely the end of the hiring boom in compliance – as the Trump administration rolls back key pieces of Dodd-Frank, as they are expected to do.