The job cuts, equal to more than 30% of the staff the banks currently employ, come on top of the 730.000 jobs that Citi says US and European banks have already shed from their peak staffing levels.
According to the report, the catalyst for the job cuts is twofold: one factor is the new technologies that enable banks to do more online and less in branches. The other is the financial imperative to banks to be leaner as they deal with competition.
The research found that lending stood out as a key battleground, accounting for 46% of the USD19 bln in private funding that flowed into fintech over the past six years. The next was payments, accounting for 23% of the investment in fintech.
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