News: Banks across the world may halve jobs, branches within 10 years

Recruitment

Banks across the world may halve jobs, branches within 10 years

London: Banks across the world may cut up to half their jobs and branches in the next 10 years as they fight to stay relevant and profitable in the face of sweeping technological change, the former head of British bank Barclays said on Tuesday.

London: Banks across the world may cut up to half their jobs and branches in the next 10 years as they fight to stay relevant and profitable in the face of sweeping technological change, the former head of British bank Barclays said on Tuesday.

 

“The number of branches and people employed in the financial services sector may decline by as much as 50% over the next 10 years, and even in a less harsh scenario I predict they will decline by at least 20%,” Antony Jenkins, who was ousted as chief executive in July, said in a speech.

 

For Barclays, that would see between 26,000 and 66,000 jobs cut worldwide, and 280-700 branches shut in Britain.

 

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Topics: Recruitment, Talent Acquisition

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