We knew this was going to be the case a couple of weeks ago, when Christian Sewing linked the resumption of job cuts to “the lifting of [virus] restrictions”, which had already partially happened in Germany at the time he spoke. Citigroup Investors Cheer Massive Layoffs, Hope For More. University of Pristina - Kosovska Mitrovica. A lot of banks rather than just Deutsche could have this idea. Between January and March 26th 2020, Deutsche Bank already reduced headcount by 4,182 full time equivalents, taking out 21% of the investment bank - almost entirely from the middle and back office. A Wells Fargo branch in the Midtown Manhattan neighborhood of New York City. Contact: in the first instance. Should You Sell Short The Favorites On WallStreetBets? That means that Deutsche Bank's job cut hiatus (announced March 26th) was really quite short. Wells Fargo ⦠Only its equity capital markets and M&A bankers did well, so it may be looking for scapegoats elsewhere. Trust banks under extra pressure to cut expenses Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. (WSJ), Bad news for Goldman, Rothschild, Barclays and JP Morgan FIG advisory teams, as the Partner Re / Covea deal is the latest to fall apart (FT), Not everything’s been cut at Deutsche Bank – the Frieze Art Fair, known to sceptics as “Eurotrash Glastonbury” and one of the biggest sponsorship opportunities for their wealth management business will be going ahead as a curated virtual experience. 68,000. Layoffs. [Grimly, we can’t help noticing that Deutsche’s efforts to protect the health of its staff will have cost it dearly in financial terms; a lot of the cost drag in London comes from the defined benefit pension scheme in which a lot of fiftysomething MDs are still enrolled]. A Berenberg study of 38 European and U.S. banks estimates an overall revenue decline of 8.5% in 2020 and earnings 30% below what was expected for ⦠Wells Fargo is reportedly laying off 700 employees in its commercial banking division as part of a multi-billion dollar cost-cutting measure that could impact tens of thousands of the bank's employees amid a terrible year for financial stocks that's led to mass layoffs across the industry. Executive management can talk the talk on values, integrity, fairness, relationships, culture and work-life balance. 'No layoffs' â Bank of America CEO doesn't want workers worrying about jobs during coronavirus crisis Published Fri, Mar 27 2020 1:18 PM EDT Updated Fri, Mar 27 2020 ⦠He praises the investment bank for success in debt origination, and notes that “revenues with our 100 most important institutional clients” are up 40%. The financial institutions continued laying off their employees last year. ... Oct 7, 2020⦠Have a confidential story, tip, or comment you’d like to share? Also, at the 2020 Barclays Global Financial Services Conference, Citigroupâs chief financial officer Mark Mason provided guidance for the third quarter of 2020. (, National statistics data have confirmed that, as a job that can mainly be done from home, financial services is one of the lowest risk occupations in the UK, although there seems to be asterisk indicating that the risk of commuting is not included. Wells Fargo stock is up nearly 3% on Wednesday, outpacing broader market gains but still down more than 53% for the year. Updated Mar 30, 2020, 2:33pm EDT Citigroup employees won't have to worry about the status of their jobs for the time being. A Men's Wearhouse storefront. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC's Kenan-Flagler Business School as a marketing and communications assistant. JPMorgan To Slash Thousands Of Jobs. (, UBS has hired Elena Griffin from JPM and promoted Ekaterina Lehmann in order to have another serious push on the Russian and Central European wealth management market. Daniel Davies Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Tailored Brands, the parent company behind Men's Wearhouse and Jos. Pros. The cuts will come mainly through attrition, spokeswoman Kristin Lemkau said. I have been working at City National Bank full-time for more than 5 years. Due to the drastic health, economic and job-loss crisis, prominent CEOsâmany from financial services and Wall Streetâpromised that they would not lay off workers in 2020. ⦠Bank of Granite and Granite Mortgage Inc. â to combine, layoffs Bank of Florida (Tampa, Southwest, Southeast) â shut by FDIC Bank of Hiawassee â shut by FDIC Bank of Illinois â shut by FDIC Bank of Jackson County â closed by FDIC ... Linda Conner June 9, 2020 at 12:15 pm - Watch for who goes next. If it weren't for the resumed layoffs, Sewing’s AGM speech might sound almost encouraging. There was an error with your request. In a Monday presentation to investors, Chief Financial Officer John Schrewsberry said the cost-cutting plan would mostly consist of layoffs and could take as long as four years, the Charlotte Observer reported. Almost certainly not, but some tech workers are trying it out. (Reuters), National statistics data have confirmed that, as a job that can mainly be done from home, financial services is one of the lowest risk occupations in the UK, although there seems to be asterisk indicating that the risk of commuting is not included. According to Christian Sewing’s prepared remarks for the AGM tomorrow, the talks on layoffs which were paused at the end of March are going to be restarted, in “as socially responsible a manner as possible”. Problem is, ⦠I'm a reporter at Forbes focusing on markets and finance. The rationale behind the resumption in cost cutting seems to have been that, both for reasons of good taste and as a sensible response to heightened uncertainty, Deutsche didn’t want to communicate additional layoffs “in the first phase of the crisis”. People used to be proud to say they worked here, not sure how many would say that now. A. As the lockdown begins to ease in London and Frankfurt, Deutsche Bank employees currently working from home might find that they’re invited back into the office ahead of the rest. Some firms, including Goldman Sachs Group Inc., have indicated theyâll maintain their pledge [to postpone layoffs] through the end of the 2020. Wells Fargo Chief Executive Charlie Scharf previously said in the firm's July earnings call that the bank was estimating it needed to cut expenses by more than $10 billion in order to bring its profit margins down closer to those of its peers, and though he didn't commit to that figure, Scharf did say Wells Fargo would work to bring its expenses down. There also appears to have been a concerted attempt to tackle the notorious top-heaviness problem – although only 72 of the Q1 staff reductions were in the front office, Sewing’s speech promises that Deutsche now has 13% fewer Managing Directors (MDs) than it did two years ago. Goldman Sachs and Wells Fargo also announced job cuts last year, after pausing layoffs ⦠JPMorgan Chase. All rights reserved. Bank, said it expects to layoff 20% of its workforce and shutter 500 stores on July 21. A surprise resignation at Goldman Sachs, Jefferies first to hire for its New York equities business, Vice President - Generalist - Mid Market M&A Boutique. Elsewhere, Diane Daley has moved from Citi to Bank of America to take a role running the attractively science-fictionally named “Enterprise Data Governance Function”, which includes responsibility for setting BoA’s policies with respect to the management and control of artificial intelligence. Contact: sbutcher@efinancialcareers.com in the first instance. Could you take your “rona rig” to the next level by moving your screens and trading from a tent in the garden? Between January and March 26th 2020, Deutsche Bank already reduced headcount by 4,182 full time equivalents, taking out 21% of the investment bank - almost entirely from the middle and back office. The central bank has suspended layoffs by commercial lenders. It is certain that the pandemic is affecting households the economies at large on national and global levels. (, One in five staff at EY Australia have so far said “no thanks” to the idea of returning to the office (, The fastest growing product category in IT Security seems to be systems that allow companies to spy on their employees to see if they’re engaged in cybercrime (, Another internship program, this time at Goldman Sachs, is definitely going to be online-only. eFinancialCareers is a DHI service Last year, the bank had said it would not cut any jobs in 2020. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Not in order to test the new social distancing arrangements, but to collect their possessions and hand in their security passes. Goldman Sachs said in September it's planning a "modest number of layoffs," and its incoming partner class could be the smallest since 1999. by Deutsche is back at number one position for corporate finance in Germany, and in the top five in EMEA. It still sounds like a really interesting set of things to think about, and jobs in Enterprise Data Governance come up from time to time. (, When you’re the only son of a family of five generations of blacksmiths, duty will eventually call you bank from your banking job to return to the forge (. Report: Major BofA layoffs expected this week Bank of America Corp. is expected to start cutting thousands of employees in its capital market businesses this ⦠- The bank woefully underperformed its U.S. counterparts in fixed income trading last year and didn't do too well in equities trading either. Depending on how one defines a “phase”, now might seem the time to start chopping again. Bank of America declined to comment. He praises the investment bank for success in debt origination, and notes that “revenues with our 100 most important institutional clients” are up 40%. And the courage needed for the role is, apparently, mainly to do with telling Managing Directors that their favourite fintech vendors “were so preoccupied with whether they could, they didn’t stop to think if they should”. As the lockdown begins to ease in London and Frankfurt, Deutsche Bank employees currently working from home might find that they’re invited back into the office ahead of the rest. TD Bank and Royal Bank took restructuring charges of $154 million and $83 million respectively in the fourth quarter. (Financial News), One in five staff at EY Australia have so far said “no thanks” to the idea of returning to the office (AFR), The fastest growing product category in IT Security seems to be systems that allow companies to spy on their employees to see if they’re engaged in cybercrime (FT), Another internship program, this time at Goldman Sachs, is definitely going to be online-only. Almost certainly not, but some tech workers are trying it out. In fact, Deutsche's seven week pause to layoffs could prove a brief moment of light in a year of otherwise aggressive job cuts. Skip to content âLetâs just say when it comes to layoffs, weâre in a wait-and-see mode,â said one senior executive at a major bank, looking to put the best possible spin on a difficult job outlook. Wells Fargo, the nation's largest bank employer, has laid off more than 700 commercial-banking employees as part of previously announced cost-cutting measures, Bloomberg reported Wednesday morning, citing unnamed people with knowledge of the matter. "Zero Notice for 2020 Mass Layoffs" 2.0 ... Disapproves of CEO. The bank's branches have 63,500 employees, representing. 2020-03-28T10:12:46.760Z. Whatsapp/Signal/Telegram also available. Eventually it will – unless it’s offensive or libelous (in which case it won’t. In fact, Deutsche's seven week pause to layoffs could prove a brief moment of light in a year of otherwise aggressive job cuts. A spokeswoman for ⦠Abu Dhabi bank ADCB says no layoffs in 2020 due to Covid-19 impact The lender, the third largest in the UAE, is also participating in a package of financial incentives Abu ⦠Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Whatsapp/Signal/Telegram also available. Not in order to test the new social distancing arrangements, but to collect their possessions and hand in their security passes. The National Bank of Ukraine (NBU) says the number of bank branches in 2020 decreased by 868, while that of ATMs declined by 1,177. In June, HSBC announced plans to cut 35,000 workers. Wells Fargo Cuts More Than 700 Jobs in Commercial Banking (Bloomberg), Airline Stocks Claw Back Losses Amid Trump Stimulus Whiplash (Forbes), HSBC Plans To Cut 35,000 Workers: This May Be A Harbinger Of What’s To Come (Forbes), $10 billion in Wells Fargo cost cuts will mostly be layoffs, take several years (Charlotte Observer), I'm a reporter at Forbes focusing on markets and finance. Deutsche is back at number one position for corporate finance in Germany, and in the top five in EMEA. UPKM . Needs practice on "walking" their talk. 13 May 2020. Sewing even calls Deutsche “the global, Could you take your “rona rig” to the next level by moving your screens and trading from a tent in the garden? Ajman Bank: No layoffs or job cuts in 2020 . There were 19 WARN notices in 2020 that included layoffs of more than 500 people, according to the Pennsylvania Department of Labor & Industry. The Central Bank of Nigeria has barred banks in the country from implementing layoffs in an effort to offset the impact of the Cover-19 pandemic. Layoffs Watch â20: Deutsche Bank To Stop Firing People For A While After It Finishes Firing These Other People ... 2020. Billionaires. But even so, it seems 'soon.'. That's the amount of planned staff reductions currently planned by banks across the world, Bloomberg noted in its Wednesday report. The country's largest bank employer confirmed some layoffs have already happened, but did not comment on specific figures. (, Bad news for Goldman, Rothschild, Barclays and JP Morgan FIG advisory teams, as the Partner Re / Covea deal is the latest to fall apart (, Not everything’s been cut at Deutsche Bank – the Frieze Art Fair, known to sceptics as “Eurotrash Glastonbury” and one of the biggest sponsorship opportunities for their wealth management business will be going ahead as a curated virtual experience. BofA's layoffs may well be a seasonal inevitability, but there's still reason to give them a long look. (Verdict), UBS has hired Elena Griffin from JPM and promoted Ekaterina Lehmann in order to have another serious push on the Russian and Central European wealth management market. Though many banks initially said in March that they'd halt layoffs during the pandemic, Wells Fargo was among the first to resume job cuts in August, and reports have since indicated that the firm could be eyeing a 25% reduction of its more than 250,000 employees. In an emailed statement to Forbes, a Wells Fargo spokesperson confirmed that the firm's commercial-banking business line has started layoffs but did not confirm or comment on specific figures, saying "We have not set targets for a total number of job displacements.". Also, per CEO Darryl White of Bank of Montreal, the bank plans to resume the expense-reduction program announced last December, including a ⦠That's where it ends. China PMIs Highlight Commodity Needs, Hang Seng Index Revamp Embraces New Economy, This Nasdaq 100 Component Has A 4.4% Yield And Sells For Less Than Book, 3 New IPOs Trending Higher Heading Into March, Trump Teases 2024 Run And Blasts Biden’s First Month As ‘Most Disastrous’ In Modern History, Wells Fargo Cuts More Than 700 Jobs in Commercial Banking, Airline Stocks Claw Back Losses Amid Trump Stimulus Whiplash, HSBC Plans To Cut 35,000 Workers: This May Be A Harbinger Of What’s To Come, $10 billion in Wells Fargo cost cuts will mostly be layoffs, take several years. Reach out at jponciano@forbes.com. Updated Dec 30, 2020 The economic relief package will issue payments of $600 and distribute a federal unemployment benefit of $300 for at least ⦠Two leading German banks â Deutsche Bank and Commerzbank â have attempted a merger, but it fell through early this year, resulting in the pair independently announcing major layoffs. The S&P Banks Select Industry Index is down more than 30% this year, while the Dow Jones U.S. Banks Index has plunged nearly 35%. as socially responsible a manner as possible, Morning Coffee: Hard times for Nomura's credit traders. Might Metcalfe’s Law Govern Bitcoin’s Price? The bank would not comment on how the cuts are affecting local employees, although it did ⦠But Bank of America claims they hired more than 2,000 new employees in ⦠Explore. © 2021 Forbes Media LLC. 2020-03-28T10:12:46.760Z. You may opt-out by, Dow Soars 600 Points, Stocks Rally After House Passes Biden’s $1.9 Trillion Stimulus Plan, Goldman Sachs To Launch Crypto Trading Operation This Month After Bitcoin’s Big Surge. Until Skynet becomes self-aware, though, the job is likely to involve tackling more real-world questions, like “how do you prove to the regulators that an algorithm isn’t being racist?” or “what sort of kill switch works on a black box that can make a million stock trades in a second?”. Sewing even calls Deutsche “the global Hausbank”, and says that it needs “a strong presence not only in Germany and Europe, but also in the U.S., the biggest capital market in the world – and in Asia”. US Bancorp is the parent company of US Bank (US Bank National Association), which consistently ranks among top 10 largest banks in the United States. Goldman Sachs cutting 400 jobs despite vow to freeze layoffs in 2020 By Thornton ... smaller number than the 3 to 5 percent of headcount that usually gets cut in the bankâs yearly bloodbath.