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2024: Banking, credit union, fintech industries face layoffs.

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TLDR:

– Lloyds Banking Group is cutting 1,600 roles across its branches and plans to add 830 positions to its Relationship Growth team, resulting in a net reduction of about 769 roles.
– Brex terminated 282 people, or about 20% of its staff, in addition to the 136 people already laid off in October 2022.
– Citigroup is engaged in a massive restructuring and plans to eliminate 20,000 jobs, or about 10% of its workforce, by the end of 2026.
– Citizens Bank reduced its workforce by 3.5% in the fourth quarter through a combination of layoffs and attrition.
– Comerica’s layoffs eliminated 3% of its workforce in the fourth quarter of 2023, along with the closure of 26 branches.

In a time of downsizing and restructuring in the banking, credit union, and fintech industries, several major companies have announced layoffs in 2024.

Lloyds Banking Group is cutting around 1,600 roles across its branches in a push to provide more services online. However, the lender is planning to add 830 positions to its Relationship Growth team, resulting in a net reduction of about 769 roles.

Brex, a fintech company, terminated 282 people, or about 20% of its staff, following a previous round of layoffs in October 2022, where 136 people were let go. The layoffs come as the company’s customers endure economic pressure.

Citigroup, an international banking organization, is undergoing a massive, multiyear restructuring that involves selling or winding down lagging businesses. As part of this restructuring, the company plans to eliminate 20,000 jobs, or about 10% of its total workforce, by the end of 2026.

Citizens Bank reduced its workforce by 3.5% in the fourth quarter through a combination of layoffs and attrition. The reduction in headcount, along with other expenses, led to a significant decrease in net income for the fourth quarter.

Comerica, a financial services company, also experienced layoffs, eliminating 3% of its workforce in the fourth quarter of 2023, along with the closure of 26 branches.

These layoffs reflect the ongoing challenges and changes faced by the banking, credit union, and fintech industries. As companies adapt to new technologies and market conditions, they may need to restructure their operations and reduce their workforce. However, some companies, like Lloyds Banking Group, are also making efforts to create new positions that align with their strategic goals.

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