Banks pencil in nearly 50,000 job cuts this year

Portfolio
Banks across the globe have announced more than 48,500 job cuts this year as the outlook for the economy weakens, data collected by Bloomberg show.
Nowhere was staff reductions more pronounced than in Europe, where lenders are bracing for a continuation of the negative interest rates that have eaten into their profits for the past five years.

Germany’s troubled Deutsche Bank AG tops the list with a plan to axe 18,000 jobs, or almost 20% of its workforce, through 2022. But Spain’s Banco Santander SA, HSBC Holdings Plc and Barclays Plc in the U.K., and France’s Societe Generale SA are slashing thousands of jobs as well.

UniCredit SpA is weighing as many as 10,000 cuts, people familiar with the matter have told Bloomberg, though those numbers are not included in the global tally yet.

The total number of bank jobs being slashed around the world is probably even higher because some banks are shrinking without disclosing the gross impact. And then there are ongoing reductions that were announced before this year but have yet to be completed.
 

More in Business

wisdom
September 15, 2025 09:25

Another Chinese carmaker is eyeing Hungary as location fir its first European factory

Exclusive Portfolio news straight from Hong Kong

gáz
September 10, 2025 08:14

The European Union may sign a gigantic gas deal with the United States

Decades-long LNG agreements may be on the horizon

rába2
September 08, 2025 15:17

Attention, shareholders! This is what Hungary's 4iG has in store for Rába

Will the machine manufacturer remain on the stock exchange?

rába
September 08, 2025 10:05

Hungary 4iG to acquire majority stake in Rába

Gives HUF 1,789 per share offer to shareholders

September 04, 2025 16:11

Thyssenkrupp's international reorganisation to affect Hungary too

Company revamps structure

September 03, 2025 14:54

Chinese giant in Hungarian e-commerce: how can local businesses compete with Temu?

Here are some recommendations

LATEST NEWS
Charting is displayed using TradingView's technology, a platform, where you can build advanced charts, spot upcoming trends in the stock screener, and find inspiration in multiple trading ideas

Detailed search