The banking sector is scrapping tens of thousands of jobs

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The slower growing economy and increasing digitization are having a negative impact on employment in the banking sector. This year, banks announced the cancellation of nearly 78,000 jobs. That is the highest number in the industry in four years, calculated Bloomberg news agency.

European banks accounted for the lion’s share, almost 82 percent. That also has to do with the negative interest rate with which they are dealing. To improve profitability, the banks cut staff costs.

Many jobs will probably disappear again next year. Among others, the Swiss bank Julius Bรคr and the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) have plans to cut the workforce according to insiders.

About the author

Nicholas de Kramer

Nicholas de Krammer, ะฐ self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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