Around 20,000 employees of E.U. banks are getting the axe in a sweeping new bid to cut costs. But as low interest rates, increasing regulation and new industry competition builds, there looks to be no real end to roll backs in sight.
There have been better times to work for a bank. Once again, Europe’s financial institutions are preparing for big layoffs.
Major Dutch lender ING plans to slash about 7,000 jobs within the next five years. Germany’s second biggest private bank Commerzbank announced it’s losing 9,600 positions by 2020. Even Spain’s Banco Popular has 3,000 more jobs on the chopping block.
Across the board, European banks intend to lay off about 20,000 people, and that probably won’t even be the end of the wave.
Want to keep reading?
Subscribe now or log in to read our coverage of Europe’s leading economy.