Automation and new technology are replacing thousands of workers at banks and asset managers around the world, just as consolidation — including Deutsche Bank AG’s proposed merger with Commerzbank AG — puts thousands more jobs at risk.
The pressure on headcount follows bouts of volatility that roiled global markets late last year, and investors’ growing preference for passive, low-fee funds that require far fewer workers at asset-management firms. On top of that, financial companies with operations in the U.K. could slow their hiring ahead of the country’s anticipated exit from the European Union.
Traders may be on high alert for cutbacks after a tough first three months of 2019, which usually marks investment banks’ best quarter of the year. UBS Group AG Chief Executive Officer Sergio Ermotti last week called it “one of the worst” first-quarter environments in recent history. The inversion of parts of the U.S. yield curve, considered a harbinger of recession, is adding more dark clouds.
ABOUT JEFF ALTMAN, THE BIG GAME HUNTER
Jeff Altman, The Big Game Hunter is a career and leadership coach who worked as a recruiter for more than 40 years. He is the host of “No BS Job Search Advice Radio,” the #1 podcast in iTunes for job search with more than 1400 episodes and his newest show, “No BS Coaching Advice.” He is a member of The Forbes Coaches Council. “No BS JobSearch Advice Radio” was recently named a Top 10 podcast for job search. JobSearchTV.com was also recently named a Top 10 YouTube channel for job search.
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