World Cup boost fails to land UK services sector on front foot July 3, 2026 A World Cup boost failed to drag the UK’s services sector to growth last month after it recorded its fastest rate of decline in three-and-a-half years as businesses braced for the Andy Burnham coronation. The latest Purchasing Managers Index (PMI) from S&P Global showed a reading of 48.8 in June, falling from 49.3 in May. [...]
UK fintech Starling to axe 130 roles in AI-powered simplification drive July 3, 2026 Starling is gearing up to cut some 130 roles in a bid to streamline its operations following a fall in profit over the last year. The London-based fintech told staff this week it would restructure its banking and tech operations as it leveraged AI across operations ahead of an influx of new projects. It said [...]
British American Tobacco rolls out plan for thousands of job cuts in AI streamlining June 29, 2026 British American Tobacco is to cut thousands of jobs in the latest sign of artificial intelligence transforming outsourcing initiatives at some of the City’s biggest names. The FTSE 100 firm expects to cut 5,500 jobs by the end of the year, it said in a statement on Monday. Alongside the cuts, 3,500 more jobs will [...]
Volkswagen’s China crunch deepens as Europe’s biggest carmaker weighs 100,000 job cuts June 27, 2026 Volkswagen is weighing up to 100,000 job cuts as Europe’s biggest carmaker accelerates a sweeping overhaul after admitting the manufacturing model that underpinned decades of German industrial success can no longer compete in a market reshaped by Chinese rivals. The German automotive giant is reportedly considering almost doubling previously announced workforce reductions while shutting four [...]
HSBC bags £135m from former Silicon Valley Bank as job cuts push up restructuring bill June 24, 2026 The rescued UK wing of Silicon Valley Bank has paid another bumper dividend to HSBC as it racked up costs amid a sweeping restructure. HSBC Innovation Banking – the branding bestowed on the collapsed Silicon Valley Bank UK (SVBUK) – was taken over by Europe’s largest lender in March 2023 as ministers, regulators and banking [...]
Oracle slashes 21,000 jobs amid AI embrace as tech sell-off rocks Asia June 23, 2026 Software giant Oracle axed around 21,000 roles in the last year as the US tech giant turbocharged its AI adoption plans – even as markets continue to question the rapid acceleration of the tech boom. The computing firm – which is listed on the New York Stock Exchange – said in its annual report the [...]
More Big Four blues as Deloitte plans to slash UK audit roles June 16, 2026 Big Four giant Deloitte is seeking to cut nearly 200 jobs across its audit business in the UK, the latest in a series of cuts at the accountancy giants. The firm is offering voluntary redundancy packages to a number of employees in response to low levels of staff attrition in its audit practice. A Deloitte [...]
From mild to wild: What impact will AI have on banking jobs? June 10, 2026 Top banking bosses have issued their AI verdict after Standard Chartered stunned the sector with plans for sweeping job cuts last month. In this week’s column Samuel Norman looks at whether a reckoning could be on the horizon. The big-name banker must have known how the conversation would go when he arrived for lunch with [...]
Moneybox profit slides as wealth manager bets on ‘high levels of automation’ May 27, 2026 Moneybox saw its profit slide by nearly a quarter in the last year as the wealth manager invested “heavily” in new technology and bet on “high levels of automation”. The London-based fintech notched its third consecutive year of profitability but faced a 23 per cent drop in its pre-tax takings at £14.9m by the end [...]
‘It will reduce jobs’ – Jamie Dimon sounds off on AI’s impact on banks May 21, 2026 One of the world’s leading financial figures has warned AI will inevitably lead to a cut in jobs amid growing jitters around the impact the new tech will have on the banking sector. Jamie Dimon – the top boss of America’s largest bank, JP Morgan – said: “I think [AI] will reduce our jobs down [...]