Job Market Monitor
Bank
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
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
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
National Irish Bank / 100 jobs go
NATIONAL Irish Bank customers will no longer have access to branches from today when the Danish-owned operation shuts its retail outlets. All 27 branches will shut, with the loss of 100 jobs. Customers will now have to use An Post offices, telephone banking, go online to do their banking or drop into one of the … Continue reading
Credit Suisse | To cut 300 jobs in Switzerland
Credit Suisse will merge its retail and private banking arms in Switzerland from January, in a move which will cost 300 jobs at the Swiss bank and save 50 million Swiss francs ($52.76 million). The restructuring is part of an extra 1 billion Swiss francs in cost cuts announced by Credit Suisse two weeks ago … 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
ING to cut jobs more than 2,000 jobs worldwide
ING (ING.AS), the largest Dutch financial services group, is to cut more than 2,000 jobs worldwide as it prepares to separate its banking and insurance operations in difficult markets. The cuts, which equate to 2.5 percent of ING’s workforce, come as banks across Europe shed staff in a reassessment of their businesses after the financial … Continue reading
Asia: Investment banks launch round of job cuts
Investment banks and brokerages across Asia have launched a sweeping round of job cuts as Europe’s debt crisis and China’s economic slowdown bite into the region’s financial activity. Speaking to bankers and other industry sources, Reuters was able to confirm at least 50 people were let go in the past three weeks, a cull that … Continue reading
Barclays to cut 600 jobs in India
Barclays India will slash up to 600 positions by March next year as it cuts down on its lending activities, bank sources said. This, however will not translate into an equal number of job losses as some of them will get accommodated within the company, apart from natural attritions over a nine-month period when the … Continue reading
UPDATE – Wall Street cuts jobs | 459,400 jobs in four years
U.S. financial sector loses 459,400 jobs in four years – The Business Journals The recession may officially be over, but its effects are lingering in the financial sector. The nation’s 100 biggest metropolitan areas lost a collective total of 459,400 financial-activities jobs during the past four years, according to an On Numbers analysis. The U.S. … Continue reading
HSBC | 2,000 UK layoffs
Banking giant HSBC is this week expected to announce some 2,000 UK job cuts as part of a restructuring of its global business. The axe is expected to fall on nearly 4% of the bank’s 52,000-strong UK workforce in a drive to slash costs and help the business react to the tougher climate in the … Continue reading
Wall Street preparing to cut jobs
Having already slashed bonuses, banks including Citigroup Inc.,Goldman Sachs Group Inc., J.P. Morgan Chase and Morgan Stanley are preparing to cut dozens of jobs, including some held by senior bankers, according to people familiar with the matter. As they pursue this targeted round of trims as soon as next month, they and rivals are also … 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
Credit Suisse | Jobs cut could reach 5,000
Swiss bank Credit Suisse could announce the loss of up to 5,000 jobs in its investment banking business at its forthcoming first-quarter results, a Swiss newspaper reported on Sunday.
VTB Capital’s hiring spree signals global intent | Reuters
VTB Capital continues its global expansion with a series of hires in its Middle East and Africa investment banking business. The Russian bank has taken on five people in Dubai from rival global firms including Credit Suisse, Deutsche Bank and UBS, IFR can reveal. The hires include James Williams as head of Middle East equity … Continue reading
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