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Tag: job cuts


News

UK’s Co-operative Bank to cut 400 jobs as part of cost reduction programme

March 27, 2024

Via: FinTech Futures

The Manchester-headquartered bank says a consultation for the proposed job cuts has now commenced, with the action expected to impact 12% of its total workforce. “The decision has not been made lightly, and the bank will continue to work closely […]


News

Lloyds to cut 1,600 jobs across branch network amid growing customer preference for digital banking

January 29, 2024

Via: FinTech Futures

The structural overhaul comes amid the group’s claims that more than 21 million of its customers prefer to bank via online or mobile channels, with just 8% exclusively opting for branch-based banking. As a result of this growing preference for […]


News

In BofA’s headcount, the math doesn’t match the messaging

April 19, 2023

Via: Banking Dive

Bank of America has cut 1,000 jobs so far this month and plans to cut another 3,000 by the end of June, according to figures it disclosed during a quarterly earnings call Tuesday. The bank’s headcount dropped to 216,000 on […]


News

Deutsche Bank set to spare traders as it prepares more job cuts

February 2, 2023

Via: American Banker

Deutsche Bank is preparing further job cuts to keep costs in check, with the focus likely to be areas outside the trading unit. Meeting expense targets in an inflationary environment will require a redoubling of savings efforts, including job cuts, […]


Activity, Corporate Banking, Regulations

2020 review: A year which saw fintechs cut jobs, pay & business arms

December 29, 2020

Via: FinTech Futures

Alternative lenders struggled through long accreditation processes and dried up reserves, before eventually taking on loans which carry the potential risk of high default rates. Neobanks could no longer rely on interchange fees as a main source of income, prompting […]


Activity, Corporate Banking

Lloyds plans 1,040 job cuts to back office support staff

November 6, 2020

Via: FinTech Futures

The roles lost are grouped around the bank’s technology and retail operations. Lloyds says that this fresh round of cuts is offset by the creation of 340 new roles elsewhere. The bank says the changes reflect its “ongoing plans to […]


Activity, Corporate Banking

Citigroup restarts job cuts after coronavirus pause

September 17, 2020

Via: Banking Technology

The bank, which became the first Wall Street institution to appoint a woman as its CEO last week, employs around 204,000 people. The bank expects its cuts to affect 26,000 people in 2020. Citi wasn’t alone in putting a pause […]


Activity, Corporate Banking

Wells Fargo resumes job cuts after pandemic break

August 25, 2020

Via: Banking Technology

The lender said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses caused by the pandemic. It is also continuing to work through expensive regulatory and operational problems tied to […]


Activity, Corporate Banking

Monzo’s losses widen due to COVID-19

August 3, 2020

Via: Banking Technology

It says coronavirus disruption casts “significant doubt” on its ability to continue as a going concern. However, net losses widened as it ramped up spending on marketing, technology and staff. The amount spent by Monzo customers also rose to £10.9 […]


Activity, Corporate Banking

Commerzbank plans 10,000 job cuts as CEO and chairman step down

July 8, 2020

Via: Banking Technology

The news follows CEO Martin Zielke and chairman Stefan Schmittmann stepping down from their roles at the top of the German bank earlier this week. The pair were under pressure from vocal Commerzbank shareholders, major investor Cerberus Capital Management, and […]


Activity, Corporate Banking

Wells Fargo cuts 700 jobs, overhauls exec suite and invests $5m in crypto start-up

February 14, 2020

Via: Banking Technology

The job cuts, first reported by Bloomberg, will see “a portion” of roles move to India where the bank already houses roughly 12,000 tech employees. And despite cutting 200 US lending employees last year, the bank has now told around […]


Activity, Corporate Banking

JP Morgan plans to cut hundreds of jobs across consumer division

January 31, 2020

Via: Banking Technology

The report did not mention the exact number of jobs to be cut but said the planned layoffs represent about 1% of employees in the unit. JP Morgan will notify the impacted staff on 6 February and give them a […]


Activity, Corporate Banking

UBS to cut up to 500 jobs in European private banking overhaul

January 7, 2020

Via: CNBC

UBS will cut up to 500 private banking jobs as part of a plan to split up its wealth management businesses in a bid to speed up decision-making and strengthen regional units. An internal memo sent to employees on Tuesday […]


Regulations

Deutsche Bank already using robots as it gears up to cut 18,000 jobs

November 22, 2019

Via: Banking Technology

The bank’s head of operations for corporate and investment banking Mark Matthews told Financial News that machine learning tools have already saved “680,000 hours of manual work”. Matthews say the bank has so far used bots to process five million […]


Regulations

Deutsche Bank to focus on Germany for job cutting scheme

October 10, 2019

Via: Banking Technology

The lender is relying on savings at retail units to lower its annual costs. It employs 41,700 people in Germany, out of a total of 91,700. Deutsche Bank announced that it would be cutting 18,000 jobs in July, a key […]


Capital and Risk, Macroeconomic

Planned job cuts slow in May as retail continues to lead this year

May 31, 2018

Via: CNBC

Companies announced plans to cut 31,517 jobs in May, a 13 percent decrease from April, a private survey reported Thursday. The 207,977 planned job cuts announced in 2018 is more than 6.2 percent higher than the same period of 2017. […]


Activity, Corporate Banking

Commerzbank preps for major job losses

July 14, 2017

Via: Banking Technology

As part of its massive job cutting spree, Commerzbank has agreed an outline reconciliation of interests and social plan with the employee representative committees in Germany. As reported last year, Commerzbank firmed up plans to lay off nearly 5,000 people. According to a […]


Activity, Corporate Banking

UniCredit to cut 14,000 jobs

December 13, 2016

Via: Banking Technology

Italy’s largest bank UniCredit plans to raise €13 billion and axe 14,000 jobs over the next two years as it looks to get its finances in order. Along with the job cuts, which amount to about 11% of its workforce, […]


Activity, Corporate Banking

Goldman Sachs cutting nearly 30% of Asia investment banking jobs: Sources

September 26, 2016

Via: CNBC

Goldman Sachs is cutting almost 30 percent of its 300 investment banking jobs in Asia outside Japan in response to a slowdown in activity in the region, two sources familiar with the matter told Reuters. The Wall Street bank is […]


Uncategorized

Barclays to reveal Asia investment banking job cuts

January 6, 2016

Via: CNBC

Barclays will announce investment banking job cuts across Asia next week, including closures in South Korea and Taiwan, sources with direct knowledge of the matter told Reuters. The British bank’s latest cost cuts as part of its global restructuring will […]