Deutsche Bank will be cutting “another 1,000 jobs” after reaching an agreement with its group and general works councils “on role reductions in Germany,” and as part of its Strategy 2020, which calls for the elimination of 9,000 people from its work force. News of the additional layoffs has gotten little attention as major media… Read More >>
Deutsche Bank to Slash 3,000 Jobs
Deutsche Bank, Germany’s largest bank, reached an agreement with its work council to cut 3,000 jobs and close a quarter of its branches in Germany as part of its five-year restructuring plan announced last October. More than 80 percent of the layoffs will be in its private and commercial clients division, which the German bank… Read More >>
LSE-Deutsche Börse Merger May Require Waves of Layoffs
In just over a month’s time, the London Stock Exchange (LSE) and Deutsche Börse are set to create a £21 billion ($30 billion) European exchange powerhouse. It is expected to lead to 1,250 job losses but some believe that this might just be the tip of the iceberg. Last week, a prospectus was issued 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 >>
Credit Suisse to Slash 4,000 Jobs in 2016
Credit Suisse will be cutting approximately 4,000 positions including employees, contractors and consultants as part of a major cost-cutting effort as the Swiss banking giant faces a steep loss for the fourth quarter of 2015 and a loss for the year. The loss for the fourth quarter of 2015 was a steep drop of 5.8… 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 >>
Deutsche Bank’s Radical Revamp to Slash 35,000 Jobs
Deutsche Bank will be laying off approximately 35,000 employees, overhauling key parts of its ”outdated” IT infrastructure and exiting major securities businesses as part of its Strategy 2020 plan, according to a statement from the bank and a memo from John Cryan, co-CEO of Deutsche Bank, both released Oct. 29. The layoffs will come from… Read More >>
Firms Battle Black Mondays and ‘Monstrous Spikes’
Caution was the mantra for most securities firms as global markets are still roiling in reaction to China’s economic woes and the sudden devaluation of its currency. As for the impact on post-trade operations, the crashing and soaring volumes are straining firms that rely too heavily on staff and manual systems for processing, especially as… Read More >>
HSBC to Cut Up to 13,000 Ops Jobs
HSBC will be cutting up to 13,000 operations positions as part of its massive effort to cut 50,000 employees in a major overhaul of its businesses, which bank officials detailed this week in a presentation for investors and analysts. About half, or 25,000 positions will be eliminated because of business decisions by the bank and… Read More >>
JPMorgan Chase to Slash 5,000 Jobs
U.S. megabank J.P. Morgan Chase & Co. (JPMC) is cutting more than 5,000 jobs in an effort to cut costs in a post-crisis regulatory landscape of big fines and tight margins, according to industry sources and a report in The Wall Street Journal. The cuts are one facet of a broader move toward Internet and… Read More >>
