๐ฆ Global Banks Gear Up for 200,000+ Job Cuts โ A Multi-Year Transformation
Major banks in the U.S. and Europe are quietly planning a long-term workforce reduction, with over 200,000 roles expected to disappear in the coming years. The shift is driven by automation, cost efficiency, and digital-first operations.
The process isnโt new โ 61,905 jobs were cut in 2023 โ but the next phase is broader and more strategic. Citigroup is eyeing ~20,000 job cuts by 2026, while UBS, Deutsche Bank, and Goldman Sachs signal similar moves, mainly in back-office operations, branch networks, and parts of investment banking where revenue growth is uneven.
Leadership frames this as a planned efficiency overhaul, not a crisis. Banks remain profitable but are leaning into tech investments that reduce manual work in compliance, customer support, and operations.
Markets remain steady, viewing cuts as margin protection and a sign that banks are adapting rather than breaking.
Key Insight: Banking is evolving โ fewer employees, more software-driven workflows, and a move away from traditional branch-heavy models. ๐งฉ
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