8.6 C
New York
Thursday, July 29, 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

Starling Bank’s first acquisition is Fleet Mortgages

UK challenger Starling bank acquires Fleet mortgages as its first corporate acquisition.

Starling Bank revenue skyrockets by 600%

The digital bank Starling has managed to grow revenues to £97.6 million from £14 million in the previous period.

Revolut launched a travel booking feature

After Softbank lead an $800 million investment into Revolut, the UK-based challenger bank came up with another feature - travel booking.

Kid accounts and challenger bank options for children

Revolut junior vs. Starling Bank Kite? 🤔 Once again Everly - challenger bank news joined forces with the Scientia team and their Fintech Insights, the digital banking research platform, to compare several challenger banks' junior accounts from parent's and kid's perspectives! 👍 Check the full article here