job cuts

Lloyds in £1.3bn tech outsourcing deal with IBM

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.

Commerzbank in major job cutting spree

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

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 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

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

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 […]

Humans will have to go as Bank of America gears up to go digital

Bank of America is shrinking its consumer banking division by 8,000 people as it prepares to go digital. The bank has already considerably reduced the staffing numbers: from 100,000 in 2009 to 68,400 in Q1 2016. Thong Nguyen, Bank of America’s president of retail banking and co-head of consumer banking, expects the numbers to go […]