UniCredit SpA’s announced to eliminate around 8,000 jobs. This is pushing cuts announced by banks this year past 75,000 with most of them in Europe (due to negative interest rates and a slowing economy).
CEO Jean Pierre Mustier announced the measures as part of the next, four-year chapter in his overhaul of Italy’s largest bank. They bring the total job cuts disclosed by banks around the world to 75,700, with 83% of that in Europe.
UniCredit says its next round of job cuts will help eliminate 1 billion euros ($1.11 billion) of gross expenses.
Banks from Germany are on the top of the list of job cuts. Deutsche Bank AG will likely say goodbye to around 18,000 of its employees through 2022.
But European banks aren’t alone in the trend of firing staff. Bank of Montreal said on Tuesday that it’s cutting 5% of employees. That makes about 2,300 positions. And these are the most dramatic job cuts by a Canadian bank in more than 15 years.
“Job cuts are part of efforts to improve operating efficiency,” said Bank of Montreal CEO Darryl White.