Employment under strong pressure in European banks

Posted on Oct. 12, 2021, 1:34 p.m.Updated Oct 12, 2021, 1:38 PM

The health crisis will undoubtedly have delayed the job cuts announced before the crisis. But without reversing a strong trend in European banks: employment is clearly under pressure. In July 2020, the CFO of Deutsche Bank explained. “The coronavirus crisis means that we have delayed parts of the restructuring for about six weeks, which was only a pause,” said James von Moltke at the time.

According to data from the European Banking Federation, between 2009 and 2019, no less than 500,000 jobs have disappeared in the sector, all trades combined. The workforce of European banks – including the United Kingdom – increased over the period from 3.1 million to 2.6 million employees. And the kick-off given to the merger of the Societe Generale and Crédit du Nord networks will not reverse the trend.

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