Custodian and service provider Northern Trust confirms that it will be shrinking its global workforce by approximately 500 positions, which is less than 2.5 percent of its total staff, due to the impacts of the COVID-19 pandemic and ongoing low interest rates. The staff cuts follow Northern Trust Corp.’s report of a third-quarter net income… Read More >>
Layoffs Are Key to ABN Amro’s Digital Transformation
Dutch banking giant ABN Amro will begin a two-year staff trimming process that will reduce its global workforce by 15 percent — a key part of an $840 million streamlining said to be essential to its digital transformation, according to an announcement on Nov. 30. Media outlets and financial markets analysts have estimated that the… Read More >>
Deutsche Bank to Restart Layoffs
The COVID-19 pandemic caused Deutsche Bank to pause one of several dramatic steps to improve itself — a global layoff of 18,000 staff members — but new economic pressures are causing the German banking giant to revive its headcount reduction. The about-face is in contrast to HSBC, which recently put the brakes on a layoff… Read More >>
HSBC Halts Layoff of 35,000 Staffers
HSBC is putting the brakes on a layoff of 35,000 staffers that was originally announced in February, in a move to ease hardships during the pandemic. Other firms such as Morgan Stanley either have or are mulling similar halts to staff reductions. “I take the well-being of our people extremely seriously,” says Noel Quinn, group… Read More >>
Citi Cuts Trading Staff & Merges Other Groups
Citigroup is readying layoffs in the hundreds for its equity and fixed-income trading and operations staffs due to shrinking revenues from trading, according to media reports. The bank is also consolidating its equities and prime, futures and securities services (PFSS) businesses into a new division, the Equities and Securities Services (ESS) group, that will offer… Read More >>
Deutsche Börse’s ‘Roadmap 2020’ Will Require 350 Layoffs
Deutsche Börse executives are planning an overhaul that will result in 350 job losses, a new focus on organic growth, acquisitions, and new technologies, according to the German exchanges company’s “Roadmap 2020” strategy presentations at its annual Investor Day in London, May 30. In particular, Deutsche Börse officials want: To grow structural net revenue “by… Read More >>
ABN Amro to Cut Top Management by 60 Percent
ABN Amro announced plans to cut 60 of its 100 senior management jobs and whittle down the number of top executives by more than half in a major shake-up to reflect the bank’s smaller stature. In a statement, Kees van Dijkhuizen, which took over the reins as CEO earlier this month, said, “The new management… Read More >>
Putnam Shuffles Staff, Lays Off 115 & Cuts Costs
Money management giant Putnam Investments has been weaving together cost-cutting measures including recent layoffs in the firm’s operations and technology departments and executive shuffles in an effort to stay on top of what the firm says is “a challenging asset management environment.” In its most recent staff changes, officials report the appointment of Samuel Cox… Read More >>
Brexit to Spur Exodus of 83,000 Jobs from London
Ever since the shock vote of Brexit in June, the fate of the U.K.’s financial services industry has been one of the hottest topics of discussion. There have been several reports over job losses in different sectors, the latest one being a private study from EY showing that about 83,000 positions could leave the City… Read More >>
Thomson Reuters to Slash 2,000 Jobs Worldwide
Thomson Reuters, a major provider of market data, trading systems and news, will be laying off approximately 2,000 people, or two percent of its 48,000-person work force, according to an internal memo released at the same time as the company’s third quarter results. While the Reuters News part of the company will be spared, the… Read More >>
