AI will ‘destroy and create jobs,’ says HSBC boss May 20, 2026 The boss of Europe’s largest bank has warned that the growth of AI will both “destroy” and “create” new jobs as the banking industry continues to be reshaped in the face of new technology. Georges Elhedery, chief executive of HSBC, warned that the bank’s staff must avoid “fighting us” as it unveiled its latest AI [...]
Job cuts at Big Four firms fuel worker burnout May 20, 2026 Job cuts at professional services firms are resulting in overworked staff, but the pressures – combined with increased reliance on AI – risk damaging firms’ reputations through mistakes, writes Maria Ward-Brennan. The professional services industry, especially the Big Four giants, has faced its fair share of job cuts, with thousands of roles laid off in [...]
KPMG faces staff uproar as job cuts expose communication breakdown May 6, 2026 Big Four audit firm KPMG is facing something of an internal comms meltdown, City AM understands, amid complaints of a lack of communication during a ‘mismanaged’ redundancy round. In late March, it was reported that KPMG UK was set to axe more than 500 staff in the latest redundancy round at the Big Four giant. [...]
Coinbase to slash 14 per cent of workforce amid AI impact and market volatility May 5, 2026 Crypto exchange Coinbase is planning to cut 14 per cent of its workforce just two days head of its next earnings report, citing a need to manage costs amid ongoing market volatility and advances in AI. Chief executive Brian Armstrong said on Tuesday that AI was speeding up certain processes meaning fewer employees were required [...]
Bank of London: Peter Mandelson-backed fintech sees losses widen April 27, 2026 The Bank of London’s parent company had made another steep loss in fresh accounts that were delayed for the second consecutive year. The embattled clearing bank’s parent company, Oplyse Holdings, made a loss of £46.9m in 2024, bringing the firm’s cumulative deficit to £167.7m. Fresh accounts for Oplyse Holdings – which was formerly known as [...]
Big Four carnage as KPMG swings the jobs axe on both sides of the Pond April 24, 2026 On the back of KPMG taking the shears to its partners’ headcount in the UK, around 140 audit partners across the Atlantic are now set to lose their jobs. The Big Four firm is set to cut about 10 per cent of its 1,400 US audit partners to reduce its bloated headcount. The move comes [...]
Meta to cut 8,000 jobs as AI spending soars April 24, 2026 Meta Platforms is set to cut around 8,000 jobs next month as it ramps up spending on AI, in what marks one of the company’s largest rounds of layoffs in recent years. The move, as first reported by Bloomberg, will see roughly 10 per cent of Meta’s workforce cut, alongside plans to leave thousands of [...]
Gocardless axes 90 jobs as UK fintech targets profitability April 13, 2026 UK fintech Gocardless has taken the chop to its workforce as the firm sets its sights on breaking into the black in the new financial year. The London-based firm, which specialises in bank-to-bank payment solutions, said it had made a redundancy provision for around 90 roles in the year ending 30 June 2025. This led [...]
European banking jobs face AI reset ‘not mass job losses – for now’ April 10, 2026 European banking jobs are in line for a boost from AI despite widespread fears the integration of new tech will trigger mass layoffs, according to fresh analysis. The headcount at the top lenders is expected to get a four per cent average uplift, analysts from Bloomberg Intelligence said in a new note. The increase is [...]
Close Brothers to axe fifth of jobs after motor finance ‘wipeout’ warning March 17, 2026 Close Brothers has warned it will cull as much as a fifth of its headcount as the bank continued its aggressive cost-cutting strategy following mounting losses linked to the motor finance scandal. The FTSE 250 bank said it would axe a staggering 600 full-time roles by the end of the 2027 financial, which represents around [...]