Job Market Monitor
Bank
HSBC – To cut 50,000 jobs
HSBC (HSBA.L) pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs and shrink its investment bank by a third to combat sluggish growth across its sprawling empire. Chief Executive Stuart Gulliver has made it his mission to boost profits since taking the helm of Europe’s … Continue reading
Zimbabwe – Banks cut 1,000 jobs last year, union says
Banks in Zimbabwe cut 1,000 jobs last year, eliminating one post out of every six in the southern African country’s banking industry, a union official said. ZB Bank Ltd. eliminated 500 positions, while Steward Bank Ltd. and AfrAsia both trimmed 83, said Shepard Ngandu, assistant secretary general of the Zimbabwe Banks and Allied Workers Union. … Continue reading
JPMorgan Chase – 3,000 mortgage jobs cut in Q1 2014
US-based global bank JPMorgan Chase has eliminated approximately 3,000 mortgage jobs during the first quarter of 2014, as part of its strategy to streamline the mortgage business amid sluggish demand for home financing in the country. The latest cuts are in addition to the 13,000 to 15,000 positions, which primarily were supposed to be implemented … Continue reading
Banks in Europe – 80,000 jobs cut in 2013 finds Reuters
Europe’s 30 largest banks by market value cut staff by 80,000 in 2013, calculations by Reuters based on their year-end statements showed. Recruitment consultants warn workers’ hopes for a turnaround this year could be misplaced, bad news for countries like Spain where tens of thousands of bank layoffs have helped drive unemployment to 26 percent. … Continue reading
Spain / Nationalized bank plans 2,453 layoffs
Nationalised Spanish lender Catalunya Banc plans to lay off 2,453 workers, nearly a third of its workforce, under a eurozone bailout deal for Spain’s banks, a union source said on Tuesday Continue reading
Bank of Cyprus aims at reducing the workforce by 1,200 to 1,500 people
Bank of Cyprus aims at reducing the workforce by 1,200 to 1,500 people Continue reading
Offshoring / Bank of America Moving Home Mortgage Jobs To India
Bank of America (BAC) opened a unit in India to review home-valuation reports as it seeks to rebuild share in U.S. mortgages at a lower cost Continue reading
RBS / 1,400 Jobs cut in UK
Royal Bank of Scotland Group Plc, the recipient of the world’s biggest banking bailout, will cut 1,400 jobs at its U.K. consumer banking unit in the next two years. The lender will spend 700 million pounds ($1.07 billion) updating its branches and improving its complaints handling and mortgage processing, it said in a statement today. … Continue reading
HSBC / Up to 14,000 jobs to be cut
HSBC has said it may cut an additional 14,000 jobs globally as part of a restructuring plan to reduce costs and increase profitability. The bank is aiming to save another $3bn (£2bn) in annual costs as tougher regulations eat into profits. The layoffs would cut the firm’s total headcount to between 240,000 and 250,000 over … Continue reading
Germany / Commerzbank / To cut 1,800 jobs
Germany’s Commerzbank AG said Friday that 1,800 jobs in its German retail branches, or about 11% of the retail jobs in Germany, will be cut by the end of 2015. The bank’s management said it has adopted a policy statement to avoid compulsory redundancies in the process. The bank has said it plans to cut … Continue reading
UK / Finance to cut another 18,000 jobs
Banks, insurers, asset managers and other finance firms cut 25,000 jobs in the final quarter of 2012, with banking seeing the deepest drop, the survey of 94 companies showed. The cuts will means about 132,000 jobs have been lost in the sector since the downturn began in 2008, when it employed around 1 million people, … Continue reading
Barclays, Deutsche Bank / To cut pay up to 20 percent
Barclays (BARC.L) and Deutsche Bank (DBKGn.DE) will take a knife to bonuses for investment bankers in the coming weeks as they seek to tackle high costs, people familiar with the matter said. Britain’s Barclays is finalizing bonuses for last year and overall 2012 compensation for investment bankers will fall by between 10 percent and 20 … Continue reading
Spain / Bank workers protest layoffs
Crisis-hit Spanish bank workers called for nationwide protests on Wednesday, fuming over tens of thousands layoffs in the industry and lashing out against top executives they hold responsible. The Spanish banking sector is still staggering from the blow of a 2008 property crash, which left lenders awash with bad loans. Prime Minister Mariano Rajoy last … Continue reading
Finance / 300,000 jobs gone in the past two years, more than half a million in four years
Wall Street’s cost cuts and dismissals, which have helped erase more than 300,000 financial- industry jobs in the past two years, are far from over. Citigroup Inc. (C)’s announcement yesterday of plans to eliminate 11,000 positions in units spanning equities trading to consumer banking is the latest sign of strain from a market slowdown, stiffer … 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
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