Bank enters consultation period for proposed deep cuts
by@FT
Summary
A bank is currently in a consultation period regarding substantial proposed cuts, characterized as ‘deep, wide and brutal’, which put nearly entire teams at risk of redundancy. This restructuring aligns with a broader trend in the banking sector, where institutions have been actively reducing staff and reorganizing operations to decrease costs and realign their business strategies.
Analysis
the bank: The specific bank is not named in the provided news text, so its identity cannot be verified confidently. The report concerns an institution conducting a consultation over proposed redundancies affecting large parts of its workforce. Employment: The reported restructuring is described as broad and severe, with almost entire teams potentially affected by redundancy. Banking trend: Recent reporting indicates that banks have continued reducing staff and restructuring operations as they seek to lower costs and reshape business lines.
Categories
macropolitics
Related sources
- https://www.afr.com/companies/financial-services/banks-prepare-for-deepest-job-cuts-since-the-financial-crisis-20230122-p5cei8
- https://www.ft.com/content/bbe4cf3e-0148-4084-bd8b-09a5d5504d81
- https://www.ft.com/content/623c286b-c973-4488-83f3-97e9016e85f6
- https://www.ft.com/content/e1b99ad7-0f01-4f95-a3d8-489f6a7c51a9
- https://www.addleshawgoddard.com/en/insights/insights-briefings/2016/employment/employment-up-to-date-may-2016/redundancies-the-cost-of-getting-it-wrong-is-significant/
- https://archive.is/www.ft.com
- https://www.ft.com/content/cbc6e15d-3c63-49af-9f98-ef8f478431bd?syn-25a6b1a6=1
- https://www.cityam.com/people-and-organizations/uk-job-cuts/page/2/
- https://www.fstech.co.uk/fst/HSBC_Spends_68m_On_Biggest_Cull_Since_Financial_Crisis.php
- https://www-ft-com.ezproxy.brunel.ac.uk/opinion
- https://www.ft.com/
- https://www.cityam.com/financial-times-lays-off-staff-as-chief-executive-warns-of-need-for-change/
- https://www.linkedin.com/posts/financial-times_europes-biggest-bank-axed-134-of-its-most-activity-7496420581966450688-V4ou
- https://www.ft.com/content/a406f785-43c4-4026-9f83-c9ad9ca1f525
- https://finance.yahoo.com/news/metro-bank-initiates-more-layoffs-113128928.html