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.
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.
Italy’s largest lender aims to reach a revenue target of €19.3 billion.
Deutsche has cut 4,700 jobs in the last year in its wide-scale digital program.
HSBC employs just under 238,000 people, according to its 2019 interim report.
Commerzbank plans to invest €1.6 billion ($1.77 billion) towards its new digital strategy.
None of the bank’s 3,700 branches will be shut down, but tellers and assistant branch managers will be reduced.
Spanish bank plans to reduce its workforce by around 3,700 in its home country.