Job Market Monitor
Finance
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
A Career in Finance – For school leavers ?
What advice would you give to a school leaver interested in a career in finance who is unsure of whether or not to go to university? There are a lot of routes into a career in finance and a degree is just one of them. It’s certainly no longer the only option. Many of the … Continue reading
Ageism in Finance in UK – One in four professionals experiences it
One-quarter of finance professionals have either experienced or witnessed agediscrimination at work, according to research by eFinancialCareers. The eFinancialCareers Diversity Survey is based on a poll of 1,500 workers from the finance sector. It suggests exactly one-third of employees between 41 and 50-years-old have been discouraged from applying for a role on the grounds of … 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
Canada / Finance’s Jobs Report uses wrong data says The Globe and Mail
Last month, for the first time, Canada’s Department of Finance released a separate Jobs Report along with the federal budget. Problem: Canada’s job creation record, as indicated in Statistics Canada’s Job Vacancy Statistics (JVS), has been dismal. Solution: Ignore the JVS, use something else and hope no one notices. Unfortunately, as The Globe and Mail … Continue reading
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
US / More are worse off financially than a year ago finds Gallup
More Americans, 42%, say they are financially worse off now than they were a year ago, reversing the lower levels found over the past two years. Just more than a third of Americans say their financial situation has improved from a year ago. Chosen excerpts by Job Market Monitor. Read the whole story at via More … Continue reading
Co-op Group / To close 50 bank branches with “significant” job losses
The Co-operative Group on Monday announced plans to close around 50 of its bank branches as part of a £1.5 billion rescue plan that will give investors majority control of the lender… The move has caused concern among some about whether the bank will be able to retain the ethical approach which attracted many of … Continue reading
Wells Fargo / To cut 925 more jobs
Wells Fargo, the biggest U.S. mortgage lender, eliminated an additional 925 jobs in its home loan unit and has cut more than 5,700 since midyear Continue reading
Natixis (France) / Talks With Unions to Cut Up to 700 Jobs
French investment bank Natixis (KN.FR) Wednesday said it has begun negotiations with labor unions to cut about 700 jobs in France by the end of 2015. The bank, which is controlled by French mutual bank Groupe BPCE, said the \”new economic and regulatory context\” has forced changes in its staff organization. The bank\’s global payroll … 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
Wall Street / Biggest Job Cuts Yet to Come ?
Wall Street firms must cut more jobs to boost their return on equity and satisfy shareholders, said Meredith Whitney, a banking analyst and founder of Meredith Whitney Advisory Group LLC 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
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
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