With increasing digitalization, many financial institutions are further thinning out their branch networks. The number of employees continues to decline.
The downsizing at Germany’s banks continued in the past year – albeit at a slower pace.
552,450 (previous year: 561,450) employees counted the 1700 credit institutions across all banking groups at the end of 2020, as the employers’ association of the private banking industry (AGV Banken) announced on Monday.
At 1.6 percent, the decrease compared to the previous year was somewhat lower than in the two previous years, when the number of employees had shrunk by 1.8 and 2.5 percent respectively.
In view of the increasing digitization of the banking business, for example, many financial institutions are thinning out their branch networks. Because the expenditure for IT and regulation has increased in recent years, institutes are also recruiting specialists in these areas.
At the private banks, the number of employees fell last year, according to the information, by 1.1 percent from 153,250 to 151,600 at the end of the year. At Deutsche Bank and Commerzbank, among others, a restructuring of the group including the reduction of thousands of jobs is underway.
For comparison: at the height of the mid-1990s, the banking industry in Germany still employed almost 780,000 people, after the financial market crisis of 2008/2009 it was 663,000.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
