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 Bär and the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) have plans to cut the workforce according to insiders.


By: Oliver I. Kjeldsen

Oliver I. Kjeldsen has a corporate finance and extensive expertise in company audit. He grants us amazing insights on taxation, international affairs and friendly advice on nearly any topic of interest. His email is oliver.kjeldsen@economicinform.com

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