Although the U.K. hopes to retain as many financial services activities as possible in the wake of Brexit, big banks are making contingency plans and could shift at least 9,000 jobs out of the country, according to a tally collated from Reuters. To date, 13 major banks including Goldman Sachs, UBS, JPMorgan, Deutsche Bank and… Read More >>
Financial Services to Lose 230,000 Jobs to AI Systems
While the benefits of artificial intelligence (AI) have been clearly drawn, it will come at a cost in terms of job losses. By 2025, financial institutions could see 230,000 jobs disappear and be replaced by robotic process automation, machine and deep learning or cognitive analytics, according to a new report, “Artificial Intelligence in Capital Markets:… Read More >>
Credit Suisse Ramps Up Cost-Cutting Plans
For the second time within the space of a year, Credit Suisse is announcing cuts, this time trimming a further SFr1 billion ($991 million) in operating costs amid challenging market conditions, including lower fees from asset management and a slump in investment banking, The original target had been to reduce its operating cost base to… Read More >>
Credit Suisse to Cut 2,000 More Jobs
Credit Suisse is struggling with challenging, volatile markets and some traders’ poor choices, and will be speeding up its restructuring, which means that the Swiss banking giant will be cutting 2,000 more trading-related jobs from its Global Markets investment banking division. Last month, the bank said that it would cutting 4,000 staff members. The bank’s… Read More >>
Barclays to Lay Off 1,000 in Investment Banking
Barclays will be shrinking its investment banking staff in Asia and elsewhere by 1,000 or so as a result of the bank’s decision to exit markets that are proving to be a challenge for global financial services firms. Overall, the investment bank of Barclays “will continue to focus on its two home markets in the… Read More >>
Rabobank to Slash 9,000 Jobs — Many from the Back Office
With the layoff of 9,000 employees, European cooperative Rabobank has joined a growing line of banks making large-scale redundancies in 2015 as the industry faces tighter capital requirements, among other pressures. Rabobank, a Dutch co-operative bank that is active in 40 countries, announced details of a new strategic direction on Dec. 9, 2015 that it… Read More >>
CME Cuts 80 Staff but Leaves Pits in Limbo
The CME Group let go of approximately 80 employees across the company during the week of August 6, but is uncertain about the future of certain open outcry pits once slated for closure, officials at the exchanges company confirm. Industry sources add that about half of the layoffs in early August were people working in… Read More >>
Barclays Cuts 150 Staff from the Investment Banking Unit
Barclays is cutting approximately 150 employees from its investment bank, according to multiple media reports, the latest move in a broader push by big banks to wind down trading desks after profits have shrunk in the post-crisis landscape. While the layoffs are likely to be contained to the front office for now, industry observers say… Read More >>
Wall Street Loses 50,000 Jobs Since 2000
New York City still remains the global financial capital, but it lost 50,000 financial services jobs in the 2000-2013 period, and its number-one status is threatened, according to a report prepared by the Partnership for New York City with help from Gerson Lehrman Group (GLG). The report, titled “At Risk: New York’s Future as the… Read More >>
