8.6 C
New York
Wednesday, April 21, 2021
Home News Deutsche Bank and UniCredit job cuts push global bank-job cull to 75,000...

Deutsche Bank and UniCredit job cuts push global bank-job cull to 75,000 this year

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.

Source: Bloomberg

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.

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Revolut’s new funding could mean a 10B $ valuation for the company

Revolut is about to step into new fundraising and the new valuation of the company is expected to be at more than $10bn (£7.2bn).

N26 enters the insurance market

N26 is partnering with Simplesurance and launched an "attack on the European insurance industry" and launches first on-demand offer.

How are transfer apps building trust with their users?

For a few years now, consumer attitude towards finance and banking has been changing. A rapid rise in digital consumption has resulted in more technology and innovation than ever before, with total fintech investment in Europe skyrocketing to $58.1bn in 2019.*

Monzo partnered with RAC to enhance its premium options

Monzo has reached a combined total of 135,000 customers for its two premium bank account options since their launch in 2020 and now it extends their benefits.