Banking job cuts announced in a last few years

After the financial crisis in 2008, many of large banks had introduced job cuts though some might have hired back as the market recovered. Investment banking division supposed to be in a main focus of the layoffs that time.

In a last few years, 2016 - 2017 particularly, job cuts have been introduced from retail sector to investment banking. Some European banks plan to cut thousands jobs, including German, Italian and Dutch banks. Japanese banks, which are usually unwilling to cut jobs, plan to cut multi thousands of jobs in next 10 years, and AI is likely to play a part of roles used to be operated by bank staffs. CEO at UBS also hinted 30,000 workers could be shed in the years ahead due to the technological advances.
Some of you who has been looking for banking jobs in recent years could feel how banking job offers have disappeared from the job boards.

Actually, some bankers tell that many staffs in Front Office to Back Office play on the middle of business flows, scrolling, typing and clicking on business softwares. It sounds that these jobs could be replaced by more advanced softwares which directly connect from business front to the end. One software could shed dozen of jobs in each department. Complex risk calculation is just a pile of mathematical formulae, but it would not be difficult to write in source codes.

Here are some stories about the banking job cuts, published since 2016.

Nordea Bank’s 6,000 Job Cuts Are Just the Beginning, Union Says
Nordea has just said it intends to get rid of 4,000 full-time employees and 2,000 consultants. Those announcements will be made internally and department by department at regular intervals over the coming years, the bank has said.

Commerzbank to cut 7,800 jobs in Germany: Handelsblatt
Commerzbank said last September it planned to cut 9,600 jobs, more than a fifth of its workforce, but trade union Verdi has said the total would actually end up being lower due to already agreed cuts and the usual process of staff attrition.

Deutsche Bank's CEO Hints at Thousands of Job Cuts
Cryan has warned repeatedly that technology will allow big savings across his sprawling empire, and recent media reports suggest he’s under increasing pressure from shareholders to deliver, having also suspended the bank’s regular dividend. Only 4,000 of the 9,000 job cuts promised under a five-year restructuring plan–announced in late 2015–have so far taken place.

ABN Amro Slashes 60% of Senior Management After Staff Cuts
ABN Amro, which is 70 percent owned by the Dutch government following a state rescue, said in November it would cut 1,500 jobs as it steps up cost reductions. The bank, which employed 26,500 people last year, said its total workforce is expected to decline by 13 percent by 2020. The Dutch government has said it plans to gradually exit its holding in the bank.

ING announces 7,000 job cuts as unions condemn 'horror show'
ING’s plans to shed 7,000 jobs and invest in its digital platforms to make annual savings of €900m by 2021 has drawn swift criticism of the Netherlands’ largest financial services company from unions.
The layoffs represent slightly less than 12% of ING’s 52,000 workforce, because nearly 1,000 are expected to come at suppliers rather than at the bank itself.

Barclays axes 13,600 jobs in 9 months
Staley said at a conference in March that more than 6,000 positions had gone in his first 100 days in charge, marking a sharp acceleration in job reductions in the past four years, and his latest estimate shows the pace of cuts has continued.
Staley, who started in December, cut 1,200 jobs in the investment bank in January as he pulled back from Russia, Brazil and seven countries in Asia.

BNP Paribas to cut 5 percent of investment banking jobs in UK - source
BNP plans to axe 233 British jobs but will also be hiring 60 employees there -- bringing the net headcount down to 3,105 in 2016 from 3,278 in 2015, the source said without giving details on where the job cuts would come from.
A similar net number, 179 in all, will be hired in lower-cost Poland, increasing its staff there by about half to 507 employees.

SocGen to Deepen French Job Cuts, Takes $678 Million Charge
As many as 900 reductions may take place as the domestic retail banking business cuts branch numbers, resulting in a charge of about 400 million euros, SocGen said in a statement. That’s on the top of the 2,550 positions the bank has already said it will eliminate. SocGen will book another exceptional expense related to three tax changes.

Banco Santander to reduce number of job cuts in Popular integration, union says
Banco Santander has reached an agreement with unions to reduce the number of staff affected by planned job cuts relating to the integration of Banco Popular by around 900, a union said on Tuesday.
Santander was originally planning more than 2,000 job cuts, of which 575 the bank was looking to accommodate within its other businesses, the Comisiones Obreras union said in early November.

More IT job cuts at HSBC
After laying off 120 IT staff in March, HSBC reportedly hit the same department with another round of job cuts yesterday. According to Apple Daily the bank has made a number of IT employees redundant.
The Hong Kong Banking Employees Association confirmed yesterday’s IT job cuts which affected around 10 employees. Although the scale of the cut is relatively small, the association condemned it and added it believes there will be more job cuts to come at the bank in the future.

No end in sight for Deutsche Boerse hiring freeze
The Frankfurt stock exchange suspended hiring at the end of February after revenues for the first two months of the year proved weak, but a person close to the process said there was still "no date for an end yet".

Credit Suisse to cut further 1,500 jobs in cost-cutting drive, sources say
Credit Suisse is to axe 1,500 jobs in London by the end of the year as the Swiss bank continues its ruthless cost-cutting drive, it is understood.
Some 2,500 London staff cuts took place last year as part of a major restructuring introduced by chief executive Tidjane Thiam in a bid to shave costs to less than 17 billion Swiss francs (£13.6 billion).
This brought the number of Credit Suisse employees in the City from over 9,000 in November 2015 to 6,500 by the end of last year.

National Australia Bank to Cut 4,000 Jobs in Automation Push
National Australia Bank Ltd. announced plans to eliminate 4,000 jobs, or about 12 percent of its workforce, joining the ranks of global lenders cutting costs and shedding staff in the face of advancing technology. 
“As we simplify, we automate processes and things move to digital channels, we will need less people,” National Australia Chief Executive Officer Andrew Thorburn told reporters in Sydney on Thursday. “The reshaping of the workforce is going to be significant.”

RBS to axe 680 jobs as it closes 259 branches
The bailed-out lender said 62 Royal Bank of Scotland and 197 NatWest branches would shut as customers increasingly turned to online banking.
The Unite union said 1,000 roles faced the axe, although the bank – which is 71% owned by the taxpayer – said the move would result in 680 redundancies after redeployment.

Royal Bank of Canada to Cut About 450 Jobs in Toronto Area
Canadian banks have announced more than 5,000 job cuts tied to restructurings during the past three years, though the number is probably higher since many announcements, including those by Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, didn’t disclose job figures. The country’s six largest lenders collectively employed about 363,600 workers as of the end of April, including 75,281 at Royal Bank, according to company disclosures.

Two decades after Japan’s financial crisis
In recent months, the megabank groups have announced plans to cut thousands of jobs and close outlets over the next several years. Mizuho Financial Group says it plans to reduce its employees including part-time staff, who numbered 79,000 at the end of last March, by roughly 19,000 by the end of fiscal 2026, and cut the number of the group banks’ outlets nationwide by about 100 to some 400 by the end of March 2025. Similarly, Mitsubishi UFJ Financial Group will cut its 40,000-plus workforce by 6,000 by the end of the 2023 business year. Combined with Sumitomo Mitsui Financial Group, which earlier said its would slash the workload equivalent of 4,000 jobs by the end of fiscal 2019, the total number of jobs cut could add up to some 30,000 among the major banking groups.

Technology could help UBS cut workforce by 30 percent: CEO in magazine
Swiss bank UBS (UBSG.S) could shed almost 30,000 workers in the years ahead due to technological advances in the banking industry, Chief Executive Sergio Ermotti said in a magazine interview.