Here Are the Finance Firms Cutting Jobs After Turmoil in Markets
The financial industry is deploying technology across its businesses to reduce costs. Many economists forecast a slowdown or even a recession. Financial firms with operations in the U.K. could slow hiring ahead of the country’s anticipated exit from the European Union.
Here’s a list of negative announcements from firms globally since Jan. 1:
- HSBC Holdings Plc will eliminate at least 50 jobs in its global banking and market unit as part of an annual performance review of its staff.
- Goldman Sachs Group Inc. is considering plans to reduce its core trading business within the fixed-income group. Senior managers in the commodities business have been asked to present a plan that includes job cuts.
- Legg Mason Inc. plans to cut staff as it increases investment in technology to manage assets and serve clients.
- BlackRock Inc. is cutting 3 percent of its global workforce, or about 500 employees, the largest reduction in its headcount since 2016.
- State Street Corp., the giant custody bank and asset manager, has started trimming its senior management ranks by 15 percent.
- AQR Capital Management, the quant manager, is also cutting jobs after a dismal performance in 2018.
- Banco Santander SA’s Polish unit announced plans to reduce its workforce by 11 percent, or as many as 1,400 jobs.
- Morgan Stanley dismissed some of its under-performers, with cuts occurring throughout fixed-income, equities and research divisions.
- Caixabank has contacted unions to start talks about staff cuts, Servimedia reports, citing people in the trade unions.
- Nomura is planning to make more European job cuts to recoup some of its losses on global financial markets, HRM Asia reported.
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