Talent Risk · Employers · Banks & insurance
Banks & insurance
23 banks & insurance employers rated by one rule, and 1 more in the news. 5 are cutting jobs, 5 show the signs; 6,751 job cuts announced in 90 days, 2 citing AI.
The board
CuttingSignsQuiet2.1% job cuts announced in 90 days, as a share of the workforce! unusual for them≈ cuts most quarters▲▼ moved in the last four weeksAI says AI is a reasonUK · US · EU where it is headquartered
Every banks & insurance employer
Cutting first, then Signs, then Quiet; within each, the largest cuts for the employer’s size first. 1 more in the news but not rated can be included.
| Label | |||
|---|---|---|---|
| Legal & GeneralBanks & insurance · UKUnusual for them | CuttingConfirmed: 4 major news outlets report job cuts or buyouts | 1,000 | 9.1% |
| BarclaysBanks & insurance · UK▲ moved upUnusual for themAI cited | CuttingConfirmed: 7 major news outlets report job cuts or buyouts | 5,000 | 5.6% |
| INGBanks & insurance · Europe▲ moved upUnusual for them | CuttingConfirmed: 3 major news outlets report job cuts or buyouts | 400 | 0.7% |
| Wells FargoBanks & insurance · US▲ moved up | CuttingConfirmed: the company itself has announced job cuts or buyouts | 153 | 0.1% |
| HSBCBanks & insurance · UKAI cited | CuttingConfirmed: 5 major news outlets report job cuts or buyouts | — | — |
| UBSBanks & insurance · Europe | SignsConfirmed, but small: every notice under 100 jobs and under 0.1% of staff in 90 days | 198 | 0.2% |
| Lloyds Banking GroupBanks & insurance · UK | SignsReported, not yet confirmed: one major outlet | — | — |
| Goldman SachsBanks & insurance · US | SignsEarly signs: bosses have signalled cuts, or hiring has frozen | — | — |
| Standard CharteredBanks & insurance · UK | SignsEarly signs: bosses have signalled cuts, or hiring has frozen | — | — |
| JPMorgan ChaseBanks & insurance · US | SignsEarly signs: bosses have signalled cuts, or hiring has frozen | — | — |
| CitigroupBanks & insurance · US | QuietNo job cuts found in the last 90 days | — | — |
| AllianzBanks & insurance · Europe | QuietNo job cuts found in the last 90 days | — | — |
| Société GénéraleBanks & insurance · Europe | QuietNo job cuts found in the last 90 days | — | — |
| CommerzbankBanks & insurance · Europe | QuietNo job cuts found in the last 90 days | — | — |
| Bank of AmericaBanks & insurance · US | QuietNo job cuts found in the last 90 days | — | — |
| Morgan StanleyBanks & insurance · US | QuietNo job cuts found in the last 90 days | — | — |
| Deutsche BankBanks & insurance · Europe | QuietNo job cuts found in the last 90 days | — | — |
| Santander UKBanks & insurance · UK | QuietNo job cuts found in the last 90 days | — | — |
| BNP ParibasBanks & insurance · Europe | QuietNo job cuts found in the last 90 days | — | — |
| AvivaBanks & insurance · UK | QuietNo job cuts found in the last 90 days | — | — |
| AXABanks & insurance · Europe | QuietNo job cuts found in the last 90 days | — | — |
| NatWest GroupBanks & insurance · UK | QuietNo job cuts found in the last 90 days | — | — |
| UniCreditBanks & insurance · Europe | QuietNo job cuts found in the last 90 days | — | — |
Which jobs
Job functions named by banks & insurance employers in the last 12 months, counted by employer. 15 of 63 announcements say which jobs.
Named in job cuts
- Middle management4 employers · 5 announcements · AI cited 2×HSBC, JPMorgan Chase, Société Générale, Standard Chartered
- Operations, admin and back office3 employers · 6 announcements · AI cited 4×Barclays, HSBC, Standard Chartered
- Customer service and contact centres3 employers · 3 announcements · AI cited 3×Allianz, Barclays, Standard Chartered
Named in hiring and redeployment
- AI and machine learning7 employers · 8 announcements · AI cited 8×Allianz, Barclays, Goldman Sachs, HSBC, JPMorgan Chase, Lloyds Banking Group, Standard Chartered
Why they say they’re cutting
The reasons banks & insurance employers and the reports give, counted by employer. Only reasons a source states.
How: compulsory redundancies (5) · redeploying staff (3) · sites closing (2) · not replacing leavers (2) · voluntary redundancy or buyouts (2)
Employers giving each reason. 25 of 64 announcements state a reason; we count only what the sources say.
Labels are our opinion, reached by applying one published rule to the sources listed on each employer’s page. How it works