Cuts From Santander to ING Take Banking Job Losses Above 75,000
- Reductions in 2020 are on track to surpass last year’s total
- About 80% of this year’s cuts are by European lenders
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Even as European banks reported lower-than-expected loan losses and strengthening capital ratios in the third quarter, the job cuts kept coming across the continent.
Spain’s Banco Santander SA plans to get rid of as many as 2,000 staff at its Polish business. Britain’s Lloyds Banking Group Plc announced it was cutting about 1,070 roles, mostly at its technology and retail units. Dutch lender ING Groep NV revealed the loss of 1,000 jobs by the end of 2021.