Barclays (BCS) is expected to announce a plan to layoff approximately 10% of its 23,000 investment banking employees early in 2013. Although the bank has not given any official details, it is generally believed that the job cuts will happen mostly in Asia and Europe. Barclays is going through a massive overhaul following the departure of its controversial chief Bob Diamond and Chairman Marcus Agius after a series of scandals, most notably the Libor manipulation. Barclays was fined £290 million ($469 million) over the Libor case. UBS just admitted to committing fraud and settled for a $1.5 billion fine. The Royal Bank of Scotland (NYSE:RBS) is likely to settle this soon.
Besides Barclays, every other major bank has been going through an “overhaul” which includes layoffs. So far, since the end of 2009, HSBC (HBC) and the Bank of America (BAC), two of the largest banks of their respective continents, have announced the biggest job cuts of 30,000 each. HSBC recently reached a record $1.92 billion settlement with U.S. regulators over money laundering and operating in violation of U.S sanctions against Burma, Cuba, Iran, Libya and Sudan.
Chosen excerpts by Job Market Monitor from
via Bank Layoffs And Scandals Continue – Seeking Alpha.
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 »
UK – Hard hit by job cuts in banking sector
GLOBAL banks have slashed almost 160,000 jobs since early last year, including more than 21,000 across taxpayer-backed lenders Lloyds Banking Group and Royal Bank of Scotland, and more lay-offs are in the pipeline as the industry restructures. Redundancies in the banking sector have outpaced new hires by roughly two-to-one according to a study that shows … Continue reading »
The City / Only 10% of bankers and hedge fund workers believed London will create the most new banking jobs over the next 12 months
Confidence in the City of London jobs market continues to weaken as UK bankers increasingly pick Hong Kong, Shanghai and Singapore as the generators of new jobs, according to a report. A study by recruitment firm Astbury Marsden found that only 10% of bankers and hedge fund workers believed London will create the most new … 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 »
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: Who is really paying for the corporate greed? - January 2, 2013
Pingback: Barclays, Deutsche Bank / To cut pay up to 20 percent « Job Market Monitor - January 14, 2013
Pingback: HSBC / Up to 14,000 jobs to be cut | Job Market Monitor - May 15, 2013
Pingback: Commerzbank / To cut 5,200 jobs by 2016 | Job Market Monitor - November 11, 2013
Pingback: Banks in Europe – 80,000 jobs cut in 2013 finds Reuters | Job Market Monitor - April 13, 2014