Banks, Job Cuts | featured news

US bank JP Morgan Chase reveals plans to cut up to 19,000 jobs by the end of next year in its mortgage and community banking businesses.

Major banks have announced some 160,000 job cuts since early last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one.

UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis.

Swiss private bank Julius Baer says it plans to cut about 1,000 jobs from Merrill Lynch's wealth management operations outside the United States following a deal to buy the unit from Bank Of America.

The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation’s largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup.

Deutsche Bank, Germany's biggest lender, is to cut 1,000 jobs in its investment banking division, the business daily Handelsblatt reported Thursday, quoting "well-informed financial sources".

Dutch financial services group ING is to cut 2,700 staff and contract jobs, it said on Thursday in announcing third-quarter results, slashing the headcount at its Dutch retail banking operations by 10 percent in the face of deteriorating markets.

Goldman Sachs Group Inc may cut $1.45 billion in expenses by year's end, $250 million more than it indicated in July, in a move that could lead to more job cuts, according to The New York Times.

Bank of America is to cut 30,000 jobs, or 10% of its workforce, over the next few years as part of a cost-cutting programme, the company says.

Bank of America Corp officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal said, citing people familiar with the plans.