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Global Banking Efficiency

By administrator | November 10, 2019 | Economy.
Global Banking Efficiency

Global Banking Efficiency

Global Banking Efficiency. Major banks around the world are doing many reductions in the number of workers. Cut the most recorded employees from Deutsche Bank. The German Bank confirmed that it would cut its 18 thousand employees in the next three years as one of the corporate restructuring measures.

In the aftermath of the BBC, this restructuring was an advance step as the impact of the failure of the merger negotiations with their competitor, Commerzbank in addition, the bank is also facing economic problems so as to make cost savings. In addition to Deutsche Bank, there are other major banks pruning the number of workers:

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HSBC. HSBC Holdings Plc is report to be conducting layoffs in 10,000 employees. As quote from Reuters in the Financial Times, layoffs are carried out as a company’s efficiency efforts. This plan is a serious effort to cut costs, write the media. The cuts will focus on those with high salaried.

Increasing global uncertainty because the trade tension between China and the US is the cause of the bank to take this decision. Not to mention, a number of geopolitical issues such as Brexit and Hong Kong demonstration.

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Macquarie Group. An Australian investment Bank, Macquarie Group is also doing the same thing. Macquarie will trim about 100 workers in its equity business in London and New York, a source with direct knowledge of the issue to Reuters, Tuesday (10/29). However, Macquarie plans to maintain its equity trading business in Asia Pacific, the source said.

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Barclays. The giant British financial institution Barclays announce it had been reducing employees across banks in the second quarter of this year. Citing the Financial News London, on August 1, Chief Executive Jes Staley, and Chief of Finance Tushar Morzaria, confirm the bank has reduce more than 3,000 employees.

We did take action on the side of the number of employees and now we reduce the number of employees by 3,000 people with full time jobs, and do have a fee for it, so we will see that benefit towards the end of the year. Said Staley Head of Investment Banking Division.

A spokesman confirm that there were 3,000 people stopping working during the second quarter. That number includes some employees who resign from the bank at their own pace and did not get a severance, the spokesman said. At the end of 2018, Barclays hire 83,500 staff, according to his annual report.

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Societe Generale. Last April, the French bank announce it would cut 7.5% of its global employees as part of a cost cutting step design to increase bank profitability.

Citing Business Insider, there will be about 1,600 workers being dismiss globally. But most of the discharge workers will come from the operation of its French bank. While about 750 employees will be assured of resigning voluntarily, according to the Bank’s Union website. Later in July, the Bank announce the pruning of the number of employees in London. Discharge workers include 30 people occupying positions in the commodity sector, according to some sources, as quote from the Business Times.

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Citigroup. At the end of July, the New York based Bank announced plans to trim the number of workers across the fixed income business and stock trading operations for 2019, according to some sources familiar with the issue. Employees who were dismiss include at least 100 workers in the equity unit.

This will cover almost 10% of the workforce of this division, said the sources. About 80 of the dismiss employees will come from the London Citigroup operation, said one source, citing a Fortune report.

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Nomura Bank. In April, Chief Executive of Nomura Bank, Koji Nagai has warn about the massive cuts in the number of group employees in London when Japan’s largest broker starts to lose money in the trading business that supports the investment banking industry. Nagai told the Financial Times that his bank had been made worry by the obscurity of the British plan to abandon the European Union (EU) or Brexit.

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He mention that a USD 1 Billion cost cutting and restructuring program, announce earlier this month, reflect Brexit uncertainty. Some sources familiar with the situation in Tokyo and London say separately. That about 350 workers can be dismiss globally in the first phase of the multiyear cost cutting program. Where most of them will come from the flagship operation of Nomura in the UK, which has about 2,000 staffs.

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Macquarie Group. An Australian investment Bank, Macquarie Group is also doing the same thing. Macquarie will trim about 100 workers in its equity business in London and New York, a source with direct knowledge of the issue to Reuters, Tuesday (10/29). However, Macquarie plans to maintain its equity trading business in Asia Pacific, the source said.

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