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Home » Popular Markets » Banking job losses and high street shop shutdowns

Banking job losses

So France’s SocGen announced that it is going to cut 1,600 jobs as part of cost-cutting efforts following continued poor trading performance.

The investment bank will bear the brunt most acutely with 1,200 losses targeted – 750 of which will be in France and the rest in London and New York – and the bank will continue to focus on equity derivatives and structured finance.

It is going to close its commodities and proprietary trading business and reorganise its fixed income division.

SocGen is currently negotiating with unions but expects to complete the cuts by the third quarter.

It’s not the only bank to suffer, though, as Barclays also announced job cuts – mainly in operations and technology – but UBS, JP Morgan and BNP Paribas are also suffering from similar problems.

High street shop shutdowns

Then there was some research published by PwC but compiled by the Local Data Company which showed record highs for high street shop closures last year and record lows for shop openings resulting in the biggest ever full year net decline. 

Banks, estate agents and recruitment agencies were hardest hit but then the number of sports and health clubs, bookshops, ice cream parlours, vaping shops and cake shops grew.

I don’t think that these figures will surprise anyone greatly but it would suggest to me that our high street could possibly be becoming more diverse as consumers seek out products and experiences that can’t easily be replicated online.

Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Peter Watson

Peter Watson

Peter Watson founded Seiha Consulting, a career transition consultancy, after working in HR and four recruitment agencies. He was also a stockbroker for 13 years in London and Tokyo, advising some of the world’s biggest financial institutions on European and Japanese stock market investment. He started writing the Daily (previously known as “Watson’s WIFI”) to help candidates prepare for interviews – but soon found that many others wanted to read it as well!

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