2020 review: A year which saw fintechs cut jobs, pay & business arms
A number of fintechs have still been tested during COVID-19, some to the brink of collapse.
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Job Cuts
2020 review: 10 largest bank job cuts this year
This year has seen several job cut announcements.
Tokyo Stock Exchange CEO steps down after damaging systems failure
Koichiro Miyahara resigns as regulators continue to examine exchange’s closure.
ABN Amro plans 2,800 cuts to investment banking and overseas divisions
Dutch lender rolls back operations to focus on home markets.
Danske Bank reveals 500 job cuts and redundancies
Danish bank says the roles are reduced as part of an ongoing cost reduction plan.
ING pumps brakes on digital banking plans, plans 1,000 job cuts
Dutch bank forced to pull back on widespread CX changes after €140m already spent.
Lloyds plans 1,040 job cuts to back office support staff
The figure brings Lloyds’s total cuts to 1,900 this year.
HSBC to cut up to 300 jobs in UK commercial banking unit
The cuts are part of a wider restructuring announced in February.
Virgin Money slashes 400 jobs as it lands £35m government grant
The 400 job cuts are part of a forecast 16% reduction in Virgin Money’s headcount.
Citigroup restarts job cuts after coronavirus pause
US lender plans big infrastructure changes in the final months of the year.
Singapore fintech GoBear lays off 11% of workforce
The fintech landed $17 million in May,
The time for reskilling is now: how to go about it in a post-pandemic world
We have just six months to prepare for the new work environment – let’s be strategic about our upskilling options.
Co-operative Bank plans 350 job cuts, 18 branch closures
The UK bank reacts to an increasingly online demand.
Wells Fargo resumes job cuts after pandemic break
Layoffs, branch closures and cuts to third-party spending are on the table.
Commerzbank closes 200 branches
Commerzbank’s group profit fell by a fifth to €220 million in the second quarter.
ABN Amro to slash size of investment bank after losses
A €703 million impairment charge is behind the bank’s losses.
Monzo’s losses widen due to COVID-19
Bank admits that the pandemic casts “significant doubt” on its ability to continue operations.
11:FS makes second round of cuts, this time to 11:FS Foundry
Leda Glyptis will no longer be the Foundry’s CEO.
OCBC Bank connects to Singapore Government’s identity platform
SingPass enables users to connect to a wide range of platforms and government services.
Wells Fargo mulls job cuts amid loan losses
The major US bank is looking at a strategic overhaul.
HSBC France to cut 38% of global banking and markets jobs
It’s seeking to cut 255 of 678 jobs by the end-2021 as part of a broader plan to reduce costs.
Commerzbank plans 10,000 job cuts as CEO and chairman step down
Shareholder pressure saw Martin Zielke and Stefan Schmittmann depart earlier this week.
Virgin Money restarts planned job cuts and branch closures
The UK bank’s plans had been put on hold by COVID-19.
Commerzbank shareholder calls for 7,000 job cuts
Cerberus Capital Management makes demands of German bank.
UK fintech consultancy 11:FS cuts 12% of workforce
Out of its roughly 183 employees, 22 will be leaving the company.
Fintech start-up Synapse cuts 50% of full-time staff
It also signalled its intention to move more of its workforce to Texas.
Is Monzo’s 40% drop in valuation a sign of things to come for tech start-ups?
Investors in the company believe the drop is nothing more than a minor blip.
COVID-19: Highlight of the week
We focus on one particular coronavirus news item affecting the fintech industry.
Revolut accused of coercing 50 workers to quit their jobs
Lawyers have said that the firm’s actions can be read as unlawful.
Monzo cuts 120 jobs in its UK head office
The redundancies account for roughly 8% of the start-up’s workforce.
Deutsche Bank resumes job cuts during coronavirus
“We decided to further accelerate our cost reduction program,” says CEO.
Revolut announces redundancy of 60 employees due to coronavirus
“We have made every effort to protect every job,” says fintech.
N26 lays off 10% of New York-based workforce
The losses are the first to be put down to operational reasons.
Amazon Web Services VP resigns over whistleblower firings
The engineer quit in protest over AWS’ handling of warehouse employees amid COVID-19.
HSBC freezes redundancy plans as COVID-19 hits $6bn overhaul
London-headquartered bank releases Q1 earnings with stark warning for Europe.
COVID-19: Weekly wrap
FinTech Futures’ weekly coronavirus news wrap.
RBS axes 130 jobs from investment banking arm despite coronavirus uncertainty
Trade unions have criticised RBS’ choice to lay off workers amid the crisis.
Will fintech CEOs follow in the footsteps of Dan Price post-coronavirus?
Monzo and Moven’s CEOs have both taken a 100% pay cut.
Monzo’s CEO takes 100% pay cut for 12 months
Senior management and the board will also take a 25% pay cut.
HSBC delays ‘vast majority’ of redundancies amid COVID-19
“Because of the extraordinary impact of the COVID-19 pandemic,” says Noel Quinn.
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