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European banks are facing significant job cuts as they grapple with stagnant growth and increased competition from US counterparts. Deutsche Bank and HSBC are leading the charge, with plans to reduce headcount and restructure operations, while some banks like BNP Paribas and Barclays are considering bonus increases for their investment bankers. The ongoing challenges highlight a stark contrast in profitability and strategy between European and American financial institutions.
Europe's banks are initiating significant job cuts as they face a challenging economic landscape, with Deutsche Bank and HSBC leading the charge. The moves aim to enhance profitability amid stagnant growth and increased competition from US banks, which are thriving under a pro-business administration. While some banks plan to raise bonuses, the overall trend indicates a shift in focus towards more profitable regions, particularly Asia and the Middle East.
Deutsche Bank CEO Christian Sewing has joined other major bank leaders in defending diversity, equity, and inclusion (DEI) programs amid increasing criticism. He emphasized that these initiatives are essential to the bank's strategy and have positively impacted its performance. Sewing also reaffirmed the bank's commitment to sustainable finance, stating that any changes in the legal environment would prompt a review of their stance, but the core belief in DEI and sustainability remains strong.
Deutsche Bank CEO Christian Sewing has joined other major bank leaders in defending diversity, equity, and inclusion (DEI) initiatives amid growing criticism. He emphasized that DEI programs are essential to the bank's strategy and have positively impacted its performance. Sewing also reaffirmed the bank's commitment to sustainable finance, stating that any changes in the legal environment would prompt a review of their stance, but the core belief in DEI and sustainability remains integral to Deutsche Bank's approach.
Deutsche Bank CEO Christian Sewing has joined leaders from JPMorgan Chase and Goldman Sachs in defending diversity, equity, and inclusion (DEI) initiatives amid growing criticism. He emphasized that these programs are essential to the bank's strategy and highlighted the benefits Deutsche Bank has experienced from them.
Deutsche Bank's Q4 profits plummeted 92% to €106mn, significantly missing analysts' expectations due to a €329mn charge from a mis-selling scandal and higher loan losses. CEO Christian Sewing is set to unveil a new strategy focusing on efficiency and potential job cuts.Meanwhile, Bank of England's Andrew Bailey cautioned against relaxing mortgage lending restrictions, emphasizing the benefits of current rules in preventing future financial crises. Goldman Sachs' David Solomon anticipates stable interest rates in 2025 unless inflation trends change, while Lloyds Banking Group plans to close 136 branches due to declining in-branch transactions, though no jobs will be lost.
Barclays has tightened its hybrid working policy, requiring most of its 85,000 employees to work in the office at least three days a week, up from two. This change aligns with a broader trend among banks, as firms like JPMorgan and WPP also enforce stricter in-office attendance rules. The shift reflects a growing emphasis on collaboration in physical spaces post-pandemic.
JPMorgan Chase has increased CEO James Dimon's compensation to $39 million for 2024, which includes a base salary of $1.5 million and a performance-based incentive of $37.5 million. Dimon, who has led the bank for nearly two decades, plans to retire within the next five years, with the board already considering potential successors.
Barclays plans to significantly reduce CEO CS Venkatakrishnan's fixed pay from £2.95m to £1.59m, capping his total earnings at £14.3m, contingent on achieving a return on tangible equity above 14%. This move, aimed at aligning executive pay with performance, will be voted on by shareholders in the spring. The bank's remuneration committee emphasizes a focus on sustainable performance and shareholder interests, amidst ongoing debates about boardroom pay in the UK.
Jamie Dimon reaffirmed JPMorgan's commitment to diversity, equity, and inclusion (DEI) amid pressure from an activist shareholder, stating, "Bring them on." The bank's DEI efforts include a $30 billion program aimed at racial equity, while a conservative group has proposed revisiting how executive compensation is linked to these goals. This comes as President Trump signed an executive order ending DEI programs in the federal government.
David M. Solomon
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european banks announce significant job cuts amid challenging economic conditions
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17:00 31.01.2025
european banks announce significant job cuts amid profit struggles and competition
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