Societe Generale, Nomura Job Cuts Add to Wave of Finance Firings
This article is for subscribers only.
Stock markets may have recovered their losses since the end of last year, but financial firms rattled by the volatility are moving ahead with plans to eliminate thousands of positions. They’re preparing for an economic slowdown, replacing humans with cheaper technology, or seeking acquisitions to help earn more with fewer people.
The cuts are across the board. In Europe, where investment banks have been slow to emerge from the 2008 financial crisis, companies are still making large-scale adjustments to their trading units, with Societe Generale SA on Tuesday announcing 1,600 cuts. But consolidation such as the potential takeover of Commerzbank AG by Deutsche Bank AG is likely to also affect large numbers of back-office staff as well.