Tag: job cuts

April 19, 2023

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 […]

February 2, 2023

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, […]

December 29, 2020

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 […]

November 6, 2020

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 […]

September 17, 2020

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 […]

August 25, 2020

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 […]

August 3, 2020

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 […]

July 8, 2020

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 […]

February 14, 2020

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 […]

January 31, 2020

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 […]

January 7, 2020

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 […]

November 22, 2019

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 […]

October 10, 2019

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 […]

May 31, 2018

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. […]

July 14, 2017

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 […]

December 13, 2016

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, […]

September 26, 2016

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 […]

January 6, 2016

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 […]