Banks pencil in nearly 50,000 job cuts this year

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.
Banks pencil in nearly 50,000 job cuts this year
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

December 04, 2020 11:25

Black Friday competition rules are in effect all year

How to avoid fines not just during promotions

szijjártó péter
December 03, 2020 17:46

Schneider to invest HUF 4.5 bn in Hungary

To expand factories in three locations

December 02, 2020 08:45

Budapest Stock Exchange shows excellent performance, turnover doubles

BUX index rallies more than 20%

November 30, 2020 16:10

IBM to develop Hungarian IT centre in HUF 3.5 billion investment

Creating 300 new jobs

November 30, 2020 15:11

Dethroning in Hungary: Aegon exits, an old Viennese dream comes true

Allianz loses market leading position

November 30, 2020 11:15

Mészáros & Mészáros nets another HUF 10 bn public contract

This time for water utility project in Göd