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Smart!Largest layoffs by global banks in four years: nearly 80,000

Banks around the world are unveiling their biggest round of layoffs in four years as they cut costs to deal with an economic slowdown and adapt to digital technology,media reported.

More than 50 banks have announced plans to cut 77,780 jobs this year, according to filings by the companies and unions. It was the most since 91,448 layoffs were made in 2015.

Data show that from 2014 to 2019, the total number of bank layoffs has exceeded 425,000. But the actual number could be higher, as many banks cut jobs without disclosing plans. 82% of European banks will face the burden of negative interest rates in the next few years.

Morgan Stanley will cut about 1,500 jobs by the end of the year in an effort to boost efficiency at the company, according to people familiar with the matter. The bank’s chief executive, Gorman, said the layoffs accounted for about 2 percent of the bank’s workforce.

This year’s data also underscored weakness in Europe’s banking sector, with international trade disputes weighing on the European economy and negative interest rates further eroding European bank lending revenue.

Germany’s largest bank, Deutsche Bank, is reported to be at the top of the list of layoff plans, is using robots to replace human workers, and plans to lay off 18,000 employees by 2022. The robot has already saved 680,000 hours of manual work, processed 5 million transactions with the robot, and executed 3.4 million checks in its investment bank.