Bankers Get Downsized

Bad day for the banksters: After last week’s announcement that Commerzbank was slashing 9,600 jobs, two more large lenders are following suit.

ING to cut 5,800 jobs in ‘automation drive:’ The financial version of Terminator 3: Rise of the Machines. POLITICO’s Bjarke Smith-Meyer reports: “Dutch lender ING will cut roughly 5,800 jobs in Belgium and the Netherlands as part of an automation drive, which aims to save annual costs of €900 million by 2021. ING’s digital plans will cost €800 million, the lender said in a statement, while a further €1.1 billion have been put aside to pay for redundancy packages.”

Deutsche eliminates 1,000 jobs, as part of bigger cost-cutting drive: Bloomberg’s Aaron Kirchfeld and Jan-Henrik Foerster: “Deutsche Bank AG is poised to reach an agreement with labor representatives this week that will pave the way for the German lender to eliminate about 1,000 jobs in its home market as part of Chief Executive Officer John Cryan’s cost cuts announced last year, said people with knowledge of the matter. The planned job cuts, which need to be signed off by the works council, will mostly affect back-office staff such as in information technology services, said the people, who asked not to be identified because negotiations are private. The Frankfurt-based lender in June struck an agreement with its works council to eliminate about 3,000 full-time positions, including 2,500 jobs at its private and commercial clients business.”