Banks worldwide have announced major job cuts this year. Globally, 75,700 jobs are reportedly being eliminated, with the most recent announcement coming from Italy’s largest bank. Unicredit has become the latest major bank to unveil layoff plans, joining Deutsche Bank, Santander, Commerzbank, HSBC, and more. The negative interest rate environment and slowing economies have forced banks to cut costs and lay off employees.
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Unicredit Eliminating 8000 Jobs
Italy’s largest bank, Unicredit, unveiled its new business plan to 2023 on Tuesday, which reportedly includes laying off 8,000 employees and closing 500 branches. CEO Jean Pierre Mustier claims that this round of job cuts will help eliminate 1 billion euros ($1.11 billion) of the bank’s gross expenses.
Unicredit also announced a separate buyback of 2 billion euros ($2.2 billion), Bloomberg detailed, noting that the job cuts equal to more than 9% of the bank’s workforce. The bank, however, said it intends to spend 9.4…