What's behind all the bank job cuts?

I went through this once before a number of years ago when I worked for the bank. Sad to see more of it happening... I always worried about being self employed but stuff like this makes me feel more in control than I ever was in the past. https://lnkd.in/d5kWDb7

"For the top ten banks in Europe by market cap, staff numbers have fallen a fifth since 2008 to 1.1m. By contrast, the fall is roughly 7 per cent for the top ten in the US."

With Unicredit's 8,000 job cuts yesterday that makes global banks' tally of slashed jobs at over 75,000 in 2019 with most occuring in Europe due to a slowing economy and negative bank rates. https://lnkd.in/gjd495R

When big players themselves (like HSBC) start to recoil from the impacts of a slumping world economy and is even cutting down not only profit targets but thousands of jobs, you can but help to wonder, it may be really that bad out there. ?? Remember, this is a supranational bank. They are supposed to be the last ones to flinch in situations like these. https://bloom.bg/36doPjq

Banks are downsizing globally with 60,000 jobs cuts having already occurred. Deutsche Bank plans to reduce its employee count by 18,000 in the next 2 years. Barclays has already fired 3,000 employees. Commerzbank is reportedly planning on cutting 4,300 jobs. SocGen is about to cut 1,600 jobs.

Banking used to be one of those industries where jobs were for life (especially in the hey days when I was in banking). These days, even this industry, which solely depends on the goodwill of its customers, is losing steam and facing the harsh reality of sustainability. #bank #banking #financial #job #career #profit #loss #economy #retrenchment