2019’s biggest banking job cuts
2019 has seen many banks put their weight behind digital transformation. For either good or ill, many of them also decided that certain jobs were not needed any more in these sweeping changes.
Some big numbers have been announced in 2019
On top of that the cost cutting exercises have continued, seeing many lose their jobs as banks try to tighten their belts in an increasingly competitive regulatory environment. Here are some of the largest cuts announced this year.
UniCredit plans 8.000 job cuts to reward shareholders
Italy’s largest lender aims to reach a revenue target of €19.3 billion.
Deutsche Bank goes live with robots to prepare for 18,000 jobs cuts
Deutsche has cut 4,700 jobs in the last year in its wide-scale digital program.
HSBC plans 10,000 job cuts in new cost-saving exercise
HSBC employs just under 238,000 people, according to its 2019 interim report.
Commerzbank to cut 4,300 jobs, close 200 branches
Commerzbank plans to invest €1.6 billion ($1.77 billion) towards its new digital strategy.
US Bank could cut 1,480 jobs in staff restructure
None of the bank’s 3,700 branches will be shut down, but tellers and assistant branch managers will be reduced.
Santander plans large-scale job cut
Spanish bank plans to reduce its workforce by around 3,700 in its home country.
