🏦 Global Banks Preparing for 200,000+ Job Cuts — A Multi-Year Reset
Big banks in the U.S. and Europe are quietly gearing up for a major workforce shift. Over the next few years, 200,000+ roles could disappear as operations move toward automation, tighter cost control, and digital-first services.
This isn’t new — the sector already cut 61,905 jobs in 2023. The next wave looks broader and more strategic:
Citigroup: ~20,000 cuts by 2026
UBS, Deutsche Bank, Goldman Sachs: similar plans, mostly in back-office, branches, and parts of investment banking with uneven revenues
Executives are framing this as an efficiency upgrade, not a crisis. Banks remain profitable but aim to run leaner while investing heavily in tech that automates compliance, customer support, and operations.
Investors aren’t panicking — these cuts are seen as margin defense and a signal that banks are adapting, not collapsing.
💡 The bigger picture: banking is evolving toward smaller teams, more software-driven workflows, and fewer roles tied to the old physical-branch model.
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