Factbox: Job cuts across Europe's banks
21/12/2015 15:06
LONDON, Dec 21 (Reuters) - Some of Europe's biggest banks
have said in the last six months they plan to cut more than
130,000 jobs as they ramp up plans to cut costs, sell businesses
and restructure. ID:nL8N1403E7
Earlier this month, Dutch lender Rabobank said it would cut
9,000 jobs, joining Deutsche Bank, UniCredit, Credit Suisse,
HSBC and Standard Chartered to announce hefty job culls since
June.
It marks an escalation in the scale of cuts. Eighteen of
Europe's biggest banks cut 78,000 jobs in 2013 and 2014,
according to data compiled by Reuters. That represented 4.1
percent of staff and was far less than cuts of 7.3 percent in
headcount across six major U.S. banks. urn:newsml:reuters.com:*:nL6N0WQ3SGC
Here are plans announced by some of Europe's banks:
HSBC HSBA.L
Europe's biggest bank said in June it would cut 50,000
staff, including half from the sale of its businesses in Brazil
and Turkey. That would account for almost a fifth of its 266,000
staff at the end of 2014, which was already down 59,000 from six
years earlier.
Jobs will be cut by introducing more automation and
consolidating IT and back office operations. HSBC said it would
close 12 percent of branches in its seven biggest markets. It
said about 7,000-8,000 jobs would go in its home market of
Britain, or one in six staff. urn:newsml:reuters.com:*:nL3N0YV23X
Deutsche Bank DBKGn.DE
New CEO John Cryan said in October the German bank would
shed 35,000 staff, including 20,000 who would go due to business
disposals, mostly from the spin-off of Postbank.
The remaining 15,000 job cuts will include 9,000 full-time
employees and 6,000 external contractors. urn:newsml:reuters.com:*:nL8N12T36R
Standard Chartered STAN.L
New CEO Bill Winters said he will cut 15,000 staff, or 17
percent of the workforce under a revival plan. The Asia-focused
bank has already cut 4,000 jobs this year, reversing a
decade-long era of expansion. The bank has said 1,000 of its
most senior 4,000 staff have already been told they would go.
urn:newsml:reuters.com:*:nL3N12Y1PC
Rabobank
The Dutch co-operative bank this month said it would cut
9,000 staff, or about a fifth of its 47,000 workforce. That will
come on top of 3,000 jobs it is cutting before the end of 2016.
urn:newsml:reuters.com:*:nL8N13Y3Z4
UniCredit CRDI.MI
The Italian bank said in November it would cut 18,200 jobs,
or 14 percent of its workforce.
The cuts would fall mainly in Italy, Germany, Austria and
central and eastern Europe, and includes 6,000 jobs that will go
due to sales of its business in Ukraine and a joint venture for
its asset management arm. urn:newsml:reuters.com:*:nL8N1363G6
Credit Suisse CSGN.VX
New CEO Tidjane Thiam said he will cut jobs to help cut 2
billion Swiss francs in annual costs by the end of 2018, but he
did not say how many of the bank's 45,800 staff would go.
Thiam said he expects to reduce the number of staff in
Switzerland by 1,600 and will cut investment bank staff in
London, where he estimated 1,800 staff could be in lower cost
locations. urn:newsml:reuters.com:*:nL8N12L099
Barclays BARC.L
With newly-installed CEO James Staley at the helm, Barclays
is also expected to cut more jobs, and has started cutting more
in the investment bank, mostly in Asia, sources said this month.
urn:newsml:reuters.com:*:nL3N13T4U2 One report said it could cut more than 3,000 more
investment bank staff, on top of 7,000 cuts it is in the process
of axing before the end of 2016.
That was part of previous CEO Antony Jenkins' May 2014 plan
to axe 19,000 jobs, or 14 percent of the workforce.
Royal Bank of Scotland RBS.L
RBS, which is still 73 percent owned by the UK government,
will cut more jobs under plans announced in February to pull
back from the United States and Asia and further shrink its
investment bank. The Financial Times said the plan would see
another 14,000 jobs go. urn:newsml:reuters.com:*:nL5N0W639Z
RBS had already cut it workforce from 200,000 staff in 2008
to 109,000 at the end of June.
Lloyds LLOY.L
The state-backed UK bank has cut more staff this year, part
of its plan announced in October 2014 to cut 9,000 staff over
the next three years, equivalent to 10 percent of staff. Those
cuts are on top of 30,000 jobs Lloyds has axed since its 2009/09
government bailout. urn:newsml:reuters.com:*:nL6N0SH5O9
SocGen SOGN.PA
The French bank is aiming to cut 2,000 jobs from its
domestic retail network over the next five years, a union said
in October. The bank said in September it planned to cut 420
staff in France. urn:newsml:reuters.com:*:nL8N12K29SC
ING
Dutch bank ING ING.AS said in November 2014 it would cut
1,700 jobs by the end of 2017 from its 53,000 workforce.
ABN AMRO
ABN AMRO ABNd.AS said last month, around the time it
returned from full state ownership to the stock market, it would
cut 650-1,000 jobs by the end of 2018, from its 22,000
workforce.
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For graphic on job cuts at European, U.S. banks 2013/14 click
on: http://link.reuters.com/bap44w
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Keywords: EUROPE BANKS/EMPLOYMENT