( New York, 17th Sept 2020 ) The banking industry is starting to lay off again!
After the epidemic prevention blockade was temporarily shelved, Citibank, HSBC and other banks have restarted layoffs. According to data compiled by Bloomberg, the total number of layoffs announced by the global banking industry this year has reached 63,785.
Last year, the industry laid off nearly 80,000 employees, the largest since 2015, and this year seems to be even worse.
From Europe and North America to Asia and Africa, more than 30 banks plan to lay off employees. The actual number may be higher because many banks have laid off staff without disclosing their plans. Banks believe that it is necessary to reduce expenditures to offset the cost of credit deterioration during the pandemic and save money for regulatory compliance investment and digital technology investment.
Citigroup said this week that it would resume layoffs, joining rivals such as Deutsche Bank and HSBC, which resumed layoffs in May and June, respectively. As of the end of the second quarter, Citi had about 204,000 employees, and the bank said the layoffs would affect less than 1% of global employees.
European-headquartered banks did not recover from the 2008 financial crisis as quickly as their American counterparts. They accounted for the largest share of the announced layoff plan, and the main force was HSBC.
HSBC said in February that it would lay off 35,000 employees as part of a US$4.5 billion (approximately RM18.9 billion) cost reduction plan for underperforming sectors in the United States and Europe.
Due to the economic uncertainty brought about by the coronavirus, it is not easy for unemployed bankers to find a job. According to data from the recruitment agency Morgan McKinley, London’s financial services job vacancies fell by 55% in July compared to the same period last year, and by 39% in August.
**Info & Image are taken online
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