Deutsche Bank to cut 7,000 jobs
One in four jobs in its equities sales and trading business to go.
One in four jobs in its equities sales and trading business to go.
Also looking to cut costs and may relocate its client business out of UK in response to Brexit.
Within its commercial banking, community banking, insurance, and wealth and risk management.
The Wall Street Journal reports the firm is looking to make its mortgage process more automated.
“I’ve Been Moved”?
Even with the layoffs, it is also hiring.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
New research from recruitment agency Robert Half has outlined the jobs which are under threat from automation, but when are we actually going to talk seriously about the dark side of artificial intelligence (AI)?
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Job-cutting spree continues at the Royal Bank of Scotland (RBS) – 443 jobs are to go from its business loans department. Many of these will be moved to India.
A new report from the International Bar Association has outlined the risks and rewards of artificial intelligence (AI), which while bordering on scaremongering also makes some good points.
Royal Bank of Scotland (RBS) is closing 30 of its own branches and 128 of its subsidiary, NatWest, putting 470 people out of work. The bank says this decision is a result of the changing consumer behaviour, which has now shifted to digital banking.
UK-based banking group Lloyds is to outsource its tech to IBM in a seven-year deal worth £1.3 billion. More than 1,900 jobs will be shifted to IBM and £760 million of costs will be cut as a result.
Standard Chartered is set to cut about a tenth of its global corporate and institutional banking headcount. The job cuts will start in Hong Kong and Singapore and will eventually affect all major business hubs of Standard Chartered.
UK-based Lloyds Banking Group is getting rid of further 49 branches and 665 jobs. The bank will offer services via mobile vans to the communities affected by the branch closures.
Intelligent Processing Solutions (iPSL), a UK-based cheque clearing firm owned by Unisys, plans to close down seven of its nine locations in 2018. This puts 600 jobs at risk, according to trade union Unite.
Thomson Reuters is set to cut 2,000 jobs globally, taking a Q4 charge of $200-250 million as it aims to “streamline its business”. The restructuring will affect 4% of the Thomson Reuters global workforce across 39 countries and 150 locations.
Commerzbank has firmed up plans to lay off nearly 5,000 people. Around 3,000 job cuts will be across the bank’s branch network at home in Germany. Another 1,900+ jobs will be eliminated outside Germany and across Commerzbank’s subsidiaries.
US networking gear giant Cisco has announced it will be cutting 5,500 jobs to reinvest the consequent savings on strategic growth areas like IoT, cloud, data centres and collaboration, reports Scott Bicheno at Telecoms.com. The announcement was made as part of the company’s quarterly earnings announcement, which revealed flat revenue growth but improved profitability. It […]
Deutsche Bank has got the green light from its work council to cut 3,000 full-time jobs. The cuts mainly impact retail and commercial business lines, with separate talks to be held regarding job cuts across other divisions. This development is part of Deutsche Bank’s major initiative to turn its fortunes around, announced last autumn. 9,000 […]
Royal Bank of Scotland (RBS) will cut about 900 tech jobs in the UK, according to a Reuters report. At the end of last year, RBS’s domestic workforce stood at 64,000 people. Since March this year, the bank has cut at least 2,700 jobs in the UK, mainly across its branch network. The latest job […]
Bank of America is shrinking its consumer banking division by 8,000 people as it prepares to go digital. The bank has already considerably reduced the staffing numbers: from 100,000 in 2009 to 68,400 in Q1 2016. Thong Nguyen, Bank of America’s president of retail banking and co-head of consumer banking, expects the numbers to go […]
Royal Bank of Scotland (RBS) is cutting almost 600 jobs in its UK retail bank. British and Irish trade union Unite has reacted to the news. RBS will axe about 200 positions across London and the south east of England, with 400 jobs to go in the Midlands, east and the north of the country, […]
Lloyds Banking Group is to cut 940 more jobs, the latest in a series of savage headcount culls at major financial institutions. Separate announcements earlier this week confirmed 200 human resources jobs would be axed, and a further 175 cuts made in the Halifax branch network.
As job cuts continue to bite at some of the world’s largest banks and financial institutions, new figures from Bloomberg Industries reveal the scale of the cull driven by lacklustre macroeconomic performance in Europe, a declining stock market and tightening financial regulation.