Latest job loss news - 3 firms said axing heads

Axe In Wood

It's getting tougher out there.

Deutsche Bank plans to cut 1,000 jobs in London next year, The Sunday Times reports, citing people it didn’t identify.

Bloomberg News reports that the cuts are part of an overhaul announced October 29, the newspaper said.

The bank plans to shrink its workforce by 9,000 people by 2018 and eliminate some 17,000 other positions by measures including closing operations around the world. 

In the meantime, Bloomberg also reports that Societe Generale plans to cut 2,000 jobs, or 7% of the workforce, at its main French retail unit through 2020 as more clients switch to online services, adding pressure on the lender to revamp its branches network.

Finally, Bloomberg reports that EFG International AG, a Swiss private bank, plans to eliminate 200 jobs to help cut costs by $29 million through 2016 to stem a drop in profit.

'Business performance during the four months July to October continued to be adversely impacted by economic and market uncertainty, with concerns relating to emerging markets having a pronounced impact in September', EFG said in the statement

Deutsche Bank Said Planning 1,000 London Job Cuts: Sunday Times

SocGen Will Cut 2,000 Jobs by 2020 as Part of Branch Closures

EFG to Cut 200 Jobs as Swiss Bank Seeks to Stem Drop in Profit

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