HSBC freezes redundancy plans as COVID-19 hits $6bn overhaul
London-headquartered bank releases Q1 earnings with stark warning for Europe.
Job Cuts
COVID-19: Weekly wrap
FinTech Futures’ weekly coronavirus news wrap.
RBS axes 130 jobs from investment banking arm despite coronavirus uncertainty
Trade unions have criticised RBS’ choice to lay off workers amid the crisis.
Will fintech CEOs follow in the footsteps of Dan Price post-coronavirus?
Monzo and Moven’s CEOs have both taken a 100% pay cut.
Monzo’s CEO takes 100% pay cut for 12 months
Senior management and the board will also take a 25% pay cut.
HSBC delays ‘vast majority’ of redundancies amid COVID-19
“Because of the extraordinary impact of the COVID-19 pandemic,” says Noel Quinn.
Funding Circle plans to cut 125 jobs in Berlin and Amsterdam
P2P firm reacts to poor year in external markets by cutting back.
Barclays makes cuts affecting more than 1,000 staff
Technology and operations teams will be hit hardest.
Capital One announces US branch closures
37 branches are set to be shuttered by the company as customers go digital.
Lloyds, Virgin Money and Direct Line announce fresh job cuts
The three firms blame changing customer behaviour for the downsizing.
Video: Top fintech stories this week – 14 February 2020
FinTech Future’s weekly news round-up.
UniCredit outlines 6,000 job cuts and 450 branch closures in cost-cutting plan
Italian bank kicks off its three-year plan.
Hot-seat with Sanat Rao, CBO and global head at Infosys Finacle
He talks about workforce and culture transformation, RPAs, open banking and more.
Top executives at SoftBank’s $100bn Vision Fund set to leave
Top of the list is Michael Ronen, the managing partner of the Vision Fund’s US investments.
What Brexit Day means for the future of fintech
A collection of thoughts across the industry on what Brexit day means for them.
JP Morgan plans to cut hundreds of jobs across consumer division
It will notify the impacted staff on 6 February.
HSBC plans new restructure with France and USA in firing line
The global bank is aiming to cut costs and weed out loss-making divisions.
Job losses in Lithuania as Barclays hands ops centre to HCL
End of an era and not all employees will get a job at the Indian firm.
Wells Fargo plans to cut 26,500 jobs
Significant job cuts expected over the next three years, according to CEO.
UK payments firm SP Group fights for survival
Jobs will be lost as the company calls in the administrators.
Lloyds and Barclays cut hundreds of UK jobs
On top of all the other jobs axed.
Deutsche Bank to cut 7,000 jobs
One in four jobs in its equities sales and trading business to go.
Deutsche Bank to axe 500 investment banking jobs
Also looking to cut costs and may relocate its client business out of UK in response to Brexit.
Lloyds Bank cutting 930 jobs
Within its commercial banking, community banking, insurance, and wealth and risk management.
SoFi reportedly cutting 65 jobs from mortgage division
The Wall Street Journal reports the firm is looking to make its mortgage process more automated.
IBM planning to reassign 30,000 tech services jobs
“I’ve Been Moved”?
VMware confirms “small” number of layoffs
Even with the layoffs, it is also hiring.
Top fintech stories this week – 3 November 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
But what about the human cost of automation?
New research from recruitment agency Robert Half has outlined the jobs which are under threat from automation, but when are we actually going to talk seriously about the dark side of artificial intelligence (AI)?
Top fintech stories this week – 21 July 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
More jobs to go from RBS in UK to India
Job-cutting spree continues at the Royal Bank of Scotland (RBS) – 443 jobs are to go from its business loans department. Many of these will be moved to India.
70% of jobs in developing markets under threat from AI – report
A new report from the International Bar Association has outlined the risks and rewards of artificial intelligence (AI), which while bordering on scaremongering also makes some good points.
RBS continues with branch closures and job cuts
Royal Bank of Scotland (RBS) is closing 30 of its own branches and 128 of its subsidiary, NatWest, putting 470 people out of work. The bank says this decision is a result of the changing consumer behaviour, which has now shifted to digital banking.
Lloyds in £1.3bn tech outsourcing deal with IBM
UK-based banking group Lloyds is to outsource its tech to IBM in a seven-year deal worth £1.3 billion. More than 1,900 jobs will be shifted to IBM and £760 million of costs will be cut as a result.
Standard Chartered to shed corporate and institutional banking jobs
Standard Chartered is set to cut about a tenth of its global corporate and institutional banking headcount. The job cuts will start in Hong Kong and Singapore and will eventually affect all major business hubs of Standard Chartered.
More branches and jobs to go at Lloyds Banking Group
UK-based Lloyds Banking Group is getting rid of further 49 branches and 665 jobs. The bank will offer services via mobile vans to the communities affected by the branch closures.
UK cheque clearing firm iPSL to downsize locations and staff
Intelligent Processing Solutions (iPSL), a UK-based cheque clearing firm owned by Unisys, plans to close down seven of its nine locations in 2018. This puts 600 jobs at risk, according to trade union Unite.
Thomson Reuters to shed 2,000 jobs across finance, risk, tech and ops
Thomson Reuters is set to cut 2,000 jobs globally, taking a Q4 charge of $200-250 million as it aims to “streamline its business”. The restructuring will affect 4% of the Thomson Reuters global workforce across 39 countries and 150 locations.
Commerzbank in major job cutting spree
Commerzbank has firmed up plans to lay off nearly 5,000 people. Around 3,000 job cuts will be across the bank’s branch network at home in Germany. Another 1,900+ jobs will be eliminated outside Germany and across Commerzbank’s subsidiaries.
Cisco to cut 5,500 jobs in order to refocus on IoT and the cloud
US networking gear giant Cisco has announced it will be cutting 5,500 jobs to reinvest the consequent savings on strategic growth areas like IoT, cloud, data centres and collaboration, reports Scott Bicheno at Telecoms.com. The announcement was made as part of the company’s quarterly earnings announcement, which revealed flat revenue growth but improved profitability. It […]
