job cutsRSS

RBS continues with branch closures and job cuts

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Royal Bank of Scotland (RBS) is closing 30 of its own branches and 128 of its subsidiary, NatWest, putting 470 people out of work. The bank says this decision is a result of the changing consumer behaviour, which has now shifted to digital banking.

Lloyds in £1.3bn tech outsourcing deal with IBM

Lloyds tech gallops offshore

UK-based banking group Lloyds is to outsource its tech to IBM in a seven-year deal worth £1.3 billion. More than 1,900 jobs will be shifted to IBM and £760 million of costs will be cut as a result.

Standard Chartered to shed corporate and institutional banking jobs

Standard Chartered on a major cost- and job-cutting spree

Standard Chartered is set to cut about a tenth of its global corporate and institutional banking headcount. The job cuts will start in Hong Kong and Singapore and will eventually affect all major business hubs of Standard Chartered.

More branches and jobs to go at Lloyds Banking Group

Lloyds-TSB-Commercial-Finance

UK-based Lloyds Banking Group is getting rid of further 49 branches and 665 jobs. The bank will offer services via mobile vans to the communities affected by the branch closures.

UK cheque clearing firm iPSL to downsize locations and staff

Cheque

Intelligent Processing Solutions (iPSL), a UK-based cheque clearing firm owned by Unisys, plans to close down seven of its nine locations in 2018. This puts 600 jobs at risk, according to trade union Unite.

Thomson Reuters to shed 2,000 jobs across finance, risk, tech and ops

2,000 jobs to go at Thomson Reuters

Thomson Reuters is set to cut 2,000 jobs globally, taking a Q4 charge of $200-250 million as it aims to “streamline its business”. The restructuring will affect 4% of the Thomson Reuters global workforce across 39 countries and 150 locations.

Commerzbank in major job cutting spree

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Commerzbank has firmed up plans to lay off nearly 5,000 people. Around 3,000 job cuts will be across the bank’s branch network at home in Germany. Another 1,900+ jobs will be eliminated outside Germany and across Commerzbank’s subsidiaries.

Cisco to cut 5,500 jobs in order to refocus on IoT and the cloud

Cisco

US networking gear giant Cisco has announced it will be cutting 5,500 jobs to reinvest the consequent savings on strategic growth areas like IoT, cloud, data centres and collaboration, reports Scott Bicheno at Telecoms.com. The announcement was made as part of the company’s quarterly earnings announcement, which revealed flat revenue growth but improved profitability. It […]

Deutsche Bank gets go-ahead for 3,000 job cuts; invests €750m in digital projects

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Deutsche Bank has got the green light from its work council to cut 3,000 full-time jobs. The cuts mainly impact retail and commercial business lines, with separate talks to be held regarding job cuts across other divisions. This development is part of Deutsche Bank’s major initiative to turn its fortunes around, announced last autumn. 9,000 […]

More technology jobs to be cut at RBS

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Royal Bank of Scotland (RBS) will cut about 900 tech jobs in the UK, according to a Reuters report. At the end of last year, RBS’s domestic workforce stood at 64,000 people. Since March this year, the bank has cut at least 2,700 jobs in the UK, mainly across its branch network. The latest job […]

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