Global Bank Job Cuts Reach Five-Year High
ABN Amro Bank NV and Banco de Sabadell SA disclosed plans to eliminate as many 4,600 positions between them this week.
Photographer: Yuriko Nakao/BloombergThis article is for subscribers only.
Banks around the world have announced the most job cuts in five years as the pandemic adds further pressure to business models upended by the digital revolution.
ABN Amro Bank NV and Banco de Sabadell SA disclosed plans to eliminate as many 4,600 positions between them this week, taking the total to 85,540 globally, according to data compiled by Bloomberg. That’s the most since 2015, when deep overhauls of several major lenders called for a combined 91,448 positions to be axed.