In 2015 there were more than 100 layoffs by US and Italian banks and, according to the prospects, in 2016 the trend will not be reversed. On the contrary, according to some rumors published by the Financial Times, the next to lose their jobs could be the employees of Bnp Paribas and Barclays in the first months of next year.
According to an analysis carried out by the English newspaper, in the year that is about to end, the cuts, excluding asset sales, have had a greater proportion than 10% of the total workforce employed in the banks of the main 11 European countries and in the United States .
Furthermore, based on the new rules that will come into force in 2016 for international banking institutions, confirming the margins and returns on investments of the past seems more and more like a utopia.
Speaking of layoffs, the latest figures look like a real war bulletin. Taking the last few weeks as an example, 7 days ago Rabobank announced the cut of 9 employees, while the previous day Morgan Stanley had proposed 1.200 layoffs.
For Bnp Paribas and Barclays, as reported by the Financial Times, the layoffs would fit within the scope of the objective of cutting costs by 10-20%
Going into detail, by 1 March next, the British bank should announce the acceleration of the withdrawal from the Investmens division, within which around 20 thousand people work. Instead, they talk about BNP, a thousand layoffs are expected in Belgian retail.
Nomura's analyst, Jon Peace, declared that the cuts will continue at least until returns on equity (Roe) regain acceptable levels, furthermore the risk is that "the digital transformation will become a driver of further reductions in staff over the long term, with branches tending to cut back in favor of online services”.
CLSA analyst Mike Mayo said that although European banks announced more cuts than American banks in 2015, 2016 will be a very risky year for US employees.
We recall that in September Deutsche Bank announced the cut of 23 jobs as part of a corporate reorganisation. In October, Standard Chartered instead spoke of the intention to lay off a thousand employees worldwide.
