#1. Bank job cuts expected to top 60,000 globally in 2020
Bloomberg reports that job losses at banks this year are on course to be the deepest in half a decade. Putting the redundancies on hold during the pandemic, more than 30 lenders from Europe, North America, Asia, and Africa have now announced more than 63,000 job cuts. Banks in Europe account for the largest share of the cuts, with HSBC alone shedding 35,000 positions this year. This will have a detrimental impact on cities where the financial sector plays a key role. For instance, in London, the number of job vacancies in financial services dropped by 55% in July and a further 39% in August compared to last year.