Faced with a slow economy, fewer revenue sources, and higher compliance costs, banks both in the United States and across the world are looking to trim expenses. In most cases, that means employing fewer people, often with the aid of new technology. Here are some examples of how financial institutions are responding:
UBS of Switzerland has been cutting jobs, saying it wants to create a simpler bank, which includes trimming management and exiting unprofitable businesses.
Citigroup said in December it would cut 11,000 jobs, mostly from consumer banking, but the investment bank and operations and technology have also been hit.
JPMorgan Chase has been reducing positions in its branches by focusing on technology. It as placed self-service tablets in its lobbies, as well as ATMs that distribute exact change.
Bank of America has been working since 2011 to cut 30,000 jobs, most recently in investment banking and senior-ranking workers. It is also slashing units that service troubled home loans.
SOURCE: Associated Press
GLOBE STAFF GRAPHIC