Bank Job Cuts Approach 60,000 This Year

Posted by Ed 20 mths ago
Job cuts announced by banks this year are approaching 60,000, almost all of them in Europe, where negative interest rates and a slowing economy prompt lenders including Germany’s Commerzbank AG to step up cost reductions.

Commerzbank said last week it plans to eliminate 4,300 positions, deepening a restructuring that started three years ago. That brings the total disclosed this year to about 58,200, with roughly 90% of those cuts in Europe.

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