Denmark’s Saxo Bank is to cut its workforce by 17.5 percent because of reduced trading activity, a source close to the company told Reuters.
A total of 266 of the bank’s 1,513 employees will lose their jobs,” the source said. The bank declined to comment until after it had released a statement later on Tuesday.
Co-founder and joint Chief Executive Kim Fournais told Reuters in a recent interview that the bank had never had as many clients, but that customers had never traded as little as they do currently…
Choosen excerpts by Job Market Monitor from
via Denmark’s Saxo Bank to cut jobs as trading stalls | Reuters.
Related Posts
Banks / Job cuts amount to near 160,000
Major banks have announced about 160,000 job cuts since early last year and with more layoffs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two to one. A Reuters analysis of job cuts announced by 29 major banks showed the layoffs were … Continue reading »
Banks need another 40,000 job cuts says Roland Berger Strategy
Roland Berger Strategy, one of the world’s leading consulting firms, said the global investment banking sector would need another 40,000 job cuts to restore sustainable economics. The sector has already stepped up restructuring programmes, reduced headcount by about 15,000 since mid-2011 and has announced another 25,000 job cuts. According to a report issued by the … Continue reading »
Germany – Commerzbank – Up to 6,000 jobs cut
Commerzbank, Germany’s second-biggest bank, is preparing to axe up to 10 percent of its workforce in the coming years, or 5,000-6,000 jobs, the weekly Die Zeit reported on Wednesday. Die Zeit, in a pre-release of an article to appear on Thursday, said Commerzbank is planning billions of euros in cost-cutting across all divisions between now … Continue reading »
Barclays / 3,500 jobs could be cut
Barclays could ax as many as 3,500 investment bank staff and cut its advisory or equities operations in Asia as part of a broader strategic review aimed at fixing the bank’s culture in the wake of the financial crisis. The future shape and size of the investment bank is seen as the most critical part … Continue reading »
Denmark – Danske Bank to cut 3000 jobs
Danske Bank unveiled plans to cut 3,000 jobs and sell 7 billion kroner (€900 million) in shares as Denmark’s largest lender looks for ways to increase its capital buffers. The measures were announced together with Danske’s third-quarter report, showing net income of 1.31 billion kroner, compared with a loss of 384 million kroner a year … Continue reading »
4 Big Banks to Begin New Layoffs
Here are big banks that are or could be planning big layoffs. Bank of America (NYSE:BAC): On Wednesday, BofA announced its intention to cut costs by $3 billion annually in its investment-banking, commercial-banking and wealth-management units. These cuts will happen by 2015. Goldman Sachs (NYSE:GS): The mega bank also announced Wednesday its plans to cut …Continue reading »
Bank of America – A New Round of Layoffs
Bank of America Corp (BAC: 7.64, +0.16, +2.12%) has been cutting jobs in its commercial banking unit in recent weeks even as it tries to boost the group’s business, people familiar with the situation said, reflecting the bank’s broader struggles to grow in a tepid economy. The job cuts are the latest round in the … Continue reading »
Swiss Bank – Vontobel to cut jobs
Vontobel is planning to cut an undisclosed number of jobs, the latest Swiss private bank seeking to lower costs as the industry braces for lost revenue due to pressure on the country to stop harbouring tax evaders. Vontobel spokesman Reto Giudicetti confirmed comments by Chief Executive Zeno Staub in an interview with the Handelszeitung newspaper … Continue reading »
Deutsche Bank to Increase Job Cuts
Deutsche Bank AG (DBK), Europe‘s biggest bank by assets, will cut jobs and review its pay practices to help boost profitability as capital requirements rise and Europe’s debt crisis drags on. “Compensation practices are one important way to achieve … http://www.bloomberg.com/news/2012-09-11/deutsche-bank-plans-more-cuts-in-headcount-pay-to-reach-goals.html
Bank of France aiming to cut up to 2100 jobs in branches
Bank of France aiming to cut up to 2100 jobs in branches . . . http://www.reuters.com/article/2012/09/12/us-france-bankofrance-idUSBRE88B1DU20120912
Finance – Midlevel Jobs Going Out of Wall Street
New York’s biggest investment houses are shifting jobs out of the area and expanding in cheaper locales in the United States, threatening the vast middle tier of positions that form the backbone of employment on Wall Street. The shift comes even as banks consider deeper staff cuts here, which could undermine the state and city … Continue reading »
Australia | Finance Industry Has Lost 3k Jobs in the first 4 months of 2012
A shocking 3000 jobs have been lost in Australia’s finance industry in the first four months of the year according to the National Secretary of the Financial Services Union. Though the majority of these jobs were lost in the first six weeks of the year, with the announcement from the Australia & New Zealand Banking … Continue reading »
Europe’s banks bleed from Greek debt crisis | Reuters
The scars of Greece’s debt crisis were laid bare in heavy losses from a string of European banks on Thursday, and bosses warned the region’s precarious finances would continue to threaten economic growth and earnings. From France to Germany, Britain to Belgium, four of the region’s biggest banks lined up to reveal they lost more … Continue reading »
Job Market Monitor 
Discussion
Trackbacks/Pingbacks
Pingback: Spain / Bankia cuts 6,000 jobs « Job Market Monitor - November 28, 2012
Pingback: Barclays / 3,500 jobs could be cut « Job Market Monitor - November 30, 2012
Pingback: Finance / 300,000 jobs gone in the past two years, more than half a million in four years « Job Market Monitor - December 6, 2012
Pingback: Denmark jobs | Usdatingacadem - December 24, 2012
Pingback: 'Euro heeft geen kans van slagen' | Biflatie.nl - February 18, 2013