Job Market Monitor
Banks
Job Cuts in Banks – Another 30% could be lost
The downsizing of the bank workforce is about to accelerate as more technology takes over jobs humans used to do, according to a new Citigroup report. Another 30% of bank jobs could be lost between 2015 and 2025, mainly due to retail banking automation, Citi warned. “Fintech is forcing banking to a tipping point,” Citi … Continue reading
European and US Banks – 59,000 jobs cut in 2014
A total of 59,000 jobs in top European and US banks were axed in 2014, bringing the total job cuts to 160,000 across 24 banks in the past two years, authorities said. Chosen excerpts by Job Market Monitor. Read the whole story at Banks in Europe, US Lay Off 59,000 Jobs in 2014 – BusinessNewsAsia.com.
Nordea Bank AB (NDA) / 2,500 jobs cut is not enough
Nordea Bank AB (NDA) will need to cut more than the 2,500 jobs already axed to adjust to slow growth, as Scandinavia’s biggest bank focuses on increasing rewards to shareholders, Chief Executive Officer Christian Clausen said. “Exactly how we’re going to do this thing is not that clear,” Clausen said today in an interview in … Continue reading
UK / Banks employment to 9yr low
Britain’s four biggest banks will have cut a quarter of their staff worldwide by the end of this year from peak staffing levels of 2008. Thousands of jobs are targeted as British banks centered in LIBOR rigging and insurance mis-selling scandals continue to cut costs. Royal Bank of Scotland, HSBC, Lloyds and Barclays will employ … Continue reading
Banks aren’t the big jobs machines they used to be
One after another, major financial firms are trimming their payrolls. In first-quarter earnings announcements this month, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Morgan Stanley revealed that they have slashed more than 31,000 jobs, or 3.5 percent of their combined workforce, in the past year. For three of those banks, it was the … Continue reading
US / Hiring / The Big Banks Are The Most Active Right Now
Though unemployment rates are slowly improving, plenty of recession-weary businesses remain hesitant to expand their payrolls. But as tough as times still are for job seekers and employers alike, signs of recovery keep popping up in the financial services industry—particularly at the big banks. Some of America’s largest banks are looking to fill hundreds of … Continue reading
Bank Layoffs to Continue
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 … Continue reading
Spain / Bankia cuts 6,000 jobs
Spain pushed forward on Wednesday with a major overhaul of the country’s stricken banking sector after Brussels approved EU-funded restructuring plans, and with nationalised Bankia saying it will slash 6,000 jobs and is set for a huge loss. Meanwhile the Bank of Spain delivered more bad news on the overall economy, saying country appears stuck … Continue reading
Wall Street – More Layoffs to Come
Big banks are unlikely to be broken up — but they will keep getting smaller by getting rid of a large numbers of workers. Wall Street financial firms cut more than 75,000 people in 2011, and their employees are bracing for another round of layoffs. Analysts estimate that Wall Street banks will have roughly 10 … Continue reading
Deutsche Bank – 1,900 jobs cut
Deutsche Bank said Tuesday it plans to cut about 1,900 jobs, most of them outside Germany, as its earnings fell 46 per cent in the second quarter as the European debt crisis hurt its investment banking and trading activities. The bank, which employs nearly 101,000 people, said about 1,500 of the job cuts will be … 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
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