77780 jobs culled in banking sector globally in ’19

For the first time in 4 years, banks around the world have seen the biggest round of job cuts in four years to deal with a slowing economy and adapt to digital technology. Over 50 lenders have announced plans to cut a combined 77,780 jobs this year, the most since 91,448 in 2015.

Further, European banks are marred by negative interest rates. Unlike in the U.S., where government programs and rising rates helped lenders rebound quickly after the financial crisis, European banks are still struggling to regain their footing.