Banks announced the reduction of 60 thousand jobs in 2019

Banks announced the reduction of 60 thousand jobs in 2019

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Banks announced the reduction of 60 thousand jobs in 2019

Bloomberg reported on Tuesday that the total number of job cuts announced by banks in 2019 has grown to nearly 60 thousand..

Commerzbank said it plans to cut 4.3 thousand jobs as a result of restructuring, which began three years ago. This brought the global total number of bank layoffs to 58.2 thousand..

About 90% of these positions were liquidated in Europe, where the economy is slowing down and banks are struggling with negative interest rates. Commerzbank, Deutsche Bank, HSBC and Santander cut thousands of jobs around the world.

German banks have announced the largest job cuts. Deutsche Bank tops the list, announcing in July that it will cut 18,000 jobs by 2022 as part of a $ 8.3 billion capital cost cut. Cutbacks are coming among stock traders, market research and derivatives trading as the bank divested of its investment banking division.

Outside Germany, lenders in Spain, the UK and France also cut jobs to boost profitability.

Banks announced the reduction of 60 thousand jobs in 2019

The need for profit support arises against the backdrop of globally low interest rates designed to stimulate slowing economic growth. The US-China trade war is responsible for much of this slowdown..

Meanwhile, American banks are on a roll, while German banks are in serious crisis. JPMorgan has received billions of assets from top-tier hedge funds that were once clients of Deutsche Bank. Morgan Stanley, Goldman Sachs, Bank of America and Citigroup have also benefited from European peers’ troubles.