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.
A number of fintechs have still been tested during COVID-19, some to the brink of collapse.
This year has seen several job cut announcements.
Koichiro Miyahara resigns as regulators continue to examine exchange’s closure.
Dutch lender rolls back operations to focus on home markets.
Danish bank says the roles are reduced as part of an ongoing cost reduction plan.
Dutch bank forced to pull back on widespread CX changes after €140m already spent.
The figure brings Lloyds’s total cuts to 1,900 this year.
The cuts are part of a wider restructuring announced in February.
The 400 job cuts are part of a forecast 16% reduction in Virgin Money’s headcount.
US lender plans big infrastructure changes in the final months of the year.
The fintech landed $17 million in May,
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The UK bank reacts to an increasingly online demand.
Layoffs, branch closures and cuts to third-party spending are on the table.
Commerzbank’s group profit fell by a fifth to €220 million in the second quarter.
A €703 million impairment charge is behind the bank’s losses.
Bank admits that the pandemic casts “significant doubt” on its ability to continue operations.
Leda Glyptis will no longer be the Foundry’s CEO.
SingPass enables users to connect to a wide range of platforms and government services.
The major US bank is looking at a strategic overhaul.
It’s seeking to cut 255 of 678 jobs by the end-2021 as part of a broader plan to reduce costs.
Shareholder pressure saw Martin Zielke and Stefan Schmittmann depart earlier this week.
The UK bank’s plans had been put on hold by COVID-19.
Cerberus Capital Management makes demands of German bank.
Out of its roughly 183 employees, 22 will be leaving the company.
It also signalled its intention to move more of its workforce to Texas.
Investors in the company believe the drop is nothing more than a minor blip.
We focus on one particular coronavirus news item affecting the fintech industry.
Lawyers have said that the firm’s actions can be read as unlawful.
The redundancies account for roughly 8% of the start-up’s workforce.
“We decided to further accelerate our cost reduction program,” says CEO.
“We have made every effort to protect every job,” says fintech.
The losses are the first to be put down to operational reasons.
The engineer quit in protest over AWS’ handling of warehouse employees amid COVID-19.
London-headquartered bank releases Q1 earnings with stark warning for Europe.
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Trade unions have criticised RBS’ choice to lay off workers amid the crisis.
Monzo and Moven’s CEOs have both taken a 100% pay cut.
Senior management and the board will also take a 25% pay cut.
“Because of the extraordinary impact of the COVID-19 pandemic,” says Noel Quinn.