UK’s Co-operative Bank to cut 400 jobs as part of cost reduction programme
Due to impact 12% of its total workforce, the proposed job cuts will take effect from 7 May.
Job Cuts
News, intelligence and resources on the global fintech industry including topics such as job cuts.
Banking Technology Magazine March 2024 issue out now
Cover story: CREATIVE THINKING – How a borefest could lead to the best ideas.
Treasury Prime trims workforce amid strategic pivot to focus on direct-to-bank partnerships
The pivot comes a year after the firm completed a $40 million Series C fundraising round.
FinTech Futures: Top five news stories of the week – 23 February 2024
Our pick of the top fintech news stories this week includes Capital One, Toast, Xalts and more.
US hospitality fintech Toast to cut 550 jobs as part of restructuring plan
The fintech says the restructuring plan is intended to “promote overall operating expense efficiency”.
FinTech Futures: Top five news stories of the week – 9 February 2024
Our pick of the top fintech news stories this week includes Worldline, Deutsche Bank, Barclays and more.
Worldline to cut workforce by 8% with €200m cost-saving initiative Power24
The cuts are expected to result in the termination of around 1,400 positions.
Société Générale to cut 900 positions at Paris headquarters in elimination of “hierarchical layers”
The French banking group says it will action the cuts “without forced departures”.
Deutsche Bank to cut 3,500 roles over two years amid €2.5bn savings drive
The German investment bank says the cuts will mainly apply to “non-client-facing areas”.
Banking Technology Magazine February 2024 issue out now
Cover story: PLANT LIFE – Talking flora and quantum computing.
FinTech Futures: Top five news stories of the week – 2 February 2024
Our pick of the top fintech news stories this week includes Lloyds, HSBC, PayPal, Santander and more.
Jack Dorsey’s Block lays off staff across Cash App, Square and foundational teams
The cuts are to be actioned with immediate effect, according to a staff memo from Dorsey.
PayPal to trim workforce by 9% over 2024 in bid to streamline business
PayPal president and CEO Alex Chriss says the cuts aim to “reduce complexity and duplication”.
Lloyds to cut 1,600 jobs across branch network amid growing customer preference for digital banking
The group says it will also be introducing over 830 new roles within its relationship growth team.
FinTech Futures: Top five news stories of the week – 26 January 2024
Our pick of the top fintech news stories this week includes Abrdn, Kashable, Synchrony and more.
Abrdn announces £150m cost-cutting drive with 500 jobs on the chopping block
The cuts are expected to impact group functions and support services across its middle management.
US fintech Brex to axe 20% of workforce
The cuts are part of an organisational restructure, with founder Pedro Franceschi saying the firm grew too quickly.
FinTech Futures: Top five news stories of the week – 19 January 2024
Our pick of the top fintech news stories this week includes Citi, Sainsbury’s Bank and more.
Citigroup to cut 20,000 jobs over two years after Q4 downturn
The bank is anticipating run rate savings of $2 billion as a result of the cuts.
Barclays’ bid to cut costs saw 5,000 jobs axed in 2023
A Barclays spokesperson confirms the cuts were part of the bank’s “ongoing efficiency programme”.
2023: A year of fintech job cuts
FinTech Futures takes a look back at a bruising year of job cuts in fintech.
ABN Amro to acquire Dutch neobroker Bux for undisclosed sum
ABN Amro hopes the deal will help it gain a foothold in the retail investment space.
FinTech Futures: Top five stories of the week – 1 December 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Metro Bank to axe 20% of jobs and review branch opening hours in push to cut costs
The bank is due to cut around 800 jobs as it looks to save up to £50 million per year in costs.
Barclays could reportedly cut around 2,000 jobs in push to reduce costs by £1bn
Reuters reports that the bank’s managers are looking to increase profitability and are reviewing proposals.
Lack of funding forces US credit card fintech Ness to close down
Having raised $15.5 million in seed funding, the fintech had hoped to raise an additional $40 million but to no avail.
US fintech Carta reportedly conducts third round of layoffs this year
The cuts were first reported by Fortune, but the total number of employees impacted is currently unknown.
N26 to cease operations in Brazil within the next two months
The challenger bank wants to focus its efforts on its “core markets”, namely Germany, France, Spain and Italy.
UK core banking tech vendor Thought Machine cuts workforce by 8%
The job cuts are expected to impact around 50 roles predominantly in its sales and marketing departments.
FinTech Futures: Top five stories of the week – 13 October 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
BaaS fintech Synapse lays off 40% of staff in fresh round of job cuts
In a statement, Synapse says it has “a strong group in place” to manage its operations and customers.
Virgin Money to shutter 39 bank branches across the UK
The closures, which will take effect in October, will leave Virgin Money with 91 bank branches in the UK.
N26 reportedly cuts 15% of Brazilian workforce
N26 Brazil has laid off around 20 staff, according to local news outlet Estadao.
FinTech Futures: Top five stories of the week – 14 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Payoneer becomes latest fintech to cut jobs
The US payments platform is to cut 9% of its workforce by Q3 2023.
GoCardless names Franck Cohen as first chairman of the board
GoCardless CEO says the appointment brings them the the ability to make “fast and effective decisions”.
FinTech Futures: Top five stories of the week – 30 June 2023
Featuring Orange Bank, Visa, Pismo, Robinhood, and more.
Robinhood reportedly laying off 7% of staff in fresh round of job cuts
The news marks Robinhood’s third round of layoffs since April 2022.
Goldman Sachs reportedly set to lay off 125 managing directors worldwide
Sources tell Bloomberg that the layoffs are currently ongoing as the bank looks to cut costs.
UK paytech GoCardless lays off 15% of its workforce
GoCardless cites the current economic environment as the reason behind the layoffs.
