8.6 C
New York
Thursday, October 6, 2022
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.

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

Recent posts

Monzo gives its lowest-paid employees £1,000 cost of living payment

Digital bank Monzo is giving staff who earn less than £40,000 per year a one-off payment of £1,000 to help them cope with the cost of living.

N26 incorporates Bizum for its customers in Spain

The N26, a German digital bank, now also integrates Bizum among its payment methods, as for example, Orange Bank did in January 2021.

Klarna is set to make second round of job cuts

Swedish BNPL company Klarna Bank AB announced it will slash jobs once again after losing $39 billion of its valuation.

Revolut has become the most searched online bank in Europe

Revolut has become the winner in a study by CMC Markets that has analysed the most heavily searched European online banks and fintechs.