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Global banks are cutting 30,000 jobs this year. It’s a sign the banking crisis is only getting worse.

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Reuters

  • Global investment banks have been suffering this year, with European banks being hit the hardest. 
  • As a result, nearly 30,000 jobs have been cut or are set to be cut across the sector. 
  • Deutsche Bank’s radical overhaul of its business accounts for a large proportion of global cuts, but Barclays and Citigroup have also announced major cuts across their operations.
  • View Markets Insider for more stories.

Nearly 30,000 investment-banking jobs are on the chopping board this year as the global banking industry looks set for a gloomy second half of 2019. 

The Financial Times reported that most of the cuts have been in European banks, with Deutsche Bank making up a large portion of the layoffs after last month’s overhaul. 

But American banks such as Citigroup are also struggling as falling interest rates, along with increased use of automation and AI, have hit investment banking jobs. 

Deutsche Bank announced 18,000 job cuts as part of a major overhaul of its business earlier this year. The German bank also posted its biggest loss since 2008  in its latest earnings report, signaling the toll of the changes.

See More: Here’s why Deutsche Bank’s thousands of newly unemployed workers have a tough road ahead

Meanwhile, Barclays has also had issues. It has cut 3000 jobs this year, an made some major changes at the top of the business. 

A spokesperson said at the time most of these jobs were cut as part of an efficiency drive and that while some people were sacked, others had simply left their jobs and not been replaced.

In April, Société Générale announced that 1600 jobs would be cut, with most of the cuts in France and New York. 

Meanwhile, Citigroup announced they would be cutting hundreds of jobs this year with a 10% reduction in their equities unit. 

Citigroup’s challenges look to be the trend across global banking. Bloomberg reported that in the latest round of earnings earlier this month, the five biggest American banks’ trading revenue was down 8% last quarter, following a 14% slide in the first quarter.

Among the banks that have announced formal job cuts, the layoffs come to about 6% of their total workforce, according to the Financial Times. 

“This won’t be the last trading-related job cuts story,” Jeff Harte, an analyst at Sandler O’Neill, told Bloomberg in reference to Citigroup. The rest of Wall Street is thinking the same way.”

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Digital Display Advertising 2019: Nine Trends to Know for This Year’s Media Plan – eMarketer

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  • At Business Insider Intelligence, our mission is to bring you the most important insights, data and analysis from the digital world. So when we come across outstanding research from our partners that we think our audience can benefit from, we like to make sure you hear about it. 
  • That’s why we’re giving you a preview of one of eMarketer’s most popular reports: Digital Display Advertising 2019: Nine Trends to Know for This Year’s Media Plan.
  • You can download the full report here.

Major changes are afoot for the digital marketing industry. Trends and influences prevalent in 2019 will continue to affect marketers in 2020 and beyond, leaving many with questions.

Will the duopoly’s hold finally start to dwindle?

No. In spite of mounting frustration and distrust from consumers and marketers, the latter will not turn away from the biggest players in the digital ad space.

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Copyright © 2019 eMarketer Inc.

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What will consumer demands for privacy and data control mean for marketers in 2019 and beyond?

Marketers are going to have to prepare for impending regulation and heightened privacy concerns, whether they want to or not. This will mean scrutinizing their data collection practices and making sure they are meeting regulatory requirements and consumer expectations.

Will the rollout of app-ads.txt happen in 2019?

It will, but adoption of the in-app version of ads.txt—a text file on publishers’ sites that lists vendors with permission to sell inventory—won’t flow to every corner, nor will it solve all the ad fraud woes that currently plague mobile app advertising.

Is the identity graph in trouble?

In some ways, yes. Apple’s ITP 2.2, continued ad avoidance, rises in falsified audience data sets and the California Consumer Privacy Act are all pulling at the strings of this fragile web.

Will it be harder for advertisers to move dollars from TV to digital?

Actually, it will become easier, thanks to mergers and acquisitions over the past year and the growing efforts of big networks and broadcasters to iron out measurement inconsistencies between TV and digital. However, don’t expect frequency capping issues to go away any time soon.

These are just a few of the questions, answers, and insights you’ll get from Digital Display Advertising 2019: Nine Trends to Know for This Year’s Media Plan



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Wuhan coronavirus compared to SARS is less severe than 2003 outbreak

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Eighty-one people have died from a coronavirus outbreak that started in Wuhan, China, and at least 2,800 people have been infected across 13 countries.

The virus, which is marked by fevers and pneumonialike symptoms, likely originated in a wet market in Wuhan. Coronaviruses are zoonotic diseases (meaning they can jump from animals to people), so places where shoppers, vendors, and live and dead animals are put in close proximity can be breeding grounds for disease outbreaks.

The spread of this new virus has conjured a sense of déja vu for some people who remember the severe acute respiratory syndrome (SARS) outbreak that started in November 2002. That was also a coronavirus, and it also jumped to people from animals in wet markets. SARS emerged in Guangdong and infected 8,098 people over the course of eight months, killing 774. Patients experienced fevers, headaches, and a type of deadly pneumonia that could cause respiratory failure.

Experts called SARS “the first pandemic of the 21st century,” since it spread across 29 countries. The disease hasn’t been seen in humans since July 2003.

So far, experts say, concerns that the Wuhan coronavirus is the next SARS are overblown. The two virus’ symptoms and origins may be comparable, but their severity is not.

The new coronavirus appears to be less severe than the SARS, former FDA Commissioner Scott Gottlieb told CNBC on Friday. It might be more contagious, however, given that this outbreak is spreading faster than SARS did.

Ma Xiaowei, minister of China’s National Health Commission, said people can transmit the coronavirus to one another during its 14-day incubation period, the South China Morning Post reported. By comparison, SARS’ average incubation period was seven days.

The illness can also jump between people before patients show symptoms, which makes it challenging for authorities to control the virus’ spread.

 “An initial first impression is that this is significantly milder than SARS. That’s reassuring,” Eric Toner, a senior scientist at John Hopkins University, told Business Insider. “On the other hand, it may be more transmissible than SARS, at least in the community setting.”

Here are some of the crucial differences between this outbreak and the SARS one 17 years ago.



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CNN poll: Majority of Americans think Trump should be removed

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  • A slender majority of Americans believe President Donald Trump should be removed from office, according to a new CNN poll.
  • The poll, which was taken between January 16-19, found that 51% of Americans say the Senate should convict Trump in his impeachment trial, which would trigger his removal from office.
  • The House of Representatives voted last month to impeach Trump for abuse of power and obstruction of Congress.
  • Ahead of his trial this week there has been an uptick in public sentiment in favor of Trump’s impeachment and removal from office.
  • Visit Business Insider’s homepage for more stories.

A slender majority of Americans believe the Senate should vote to convict President Donald Trump and remove him from office, according to a new CNN poll.

51% of Americans polled said that the Senate should vote to remove Trump, while 45% said the Senate should vote to acquit him.

CNN’s poll also found that 58% of Americans believe the president abused his power and 57% believe he obstructed the inquiry by Congress into the matter.

These statistics represent an uptick in public sentiment against the president across almost every measure.

A Fox News poll last month found that 50% of voters believed Trump should be impeached and removed from office, 53% believed he abused his power, and 48% believed he obstructed Congress.

The House of Representatives voted to impeach the president last month for abuse of power and obstruction of Congress.

Both charges relate to his efforts to strongarm Ukraine into pursuing investigations that would be politically beneficial to him, while withholding vital military aid and a White House meeting from Ukrainian President Volodymyr Zelensky.

Trump’s trial in the Senate officially kicked off last week when the House impeachment managers officially read the articles of impeachment into the Senate record and senators were sworn in.

But the key portion of the trial — during which the impeachment managers and the president’s defense team present arguments for and against removal, respectively — will begin on Tuesday at 1 p.m. ET.

One of the biggest questions heading into the trial is whether to call witnesses. Senior GOP lawmakers like Senate Majority Leader Mitch McConnell and Sen. Lindsey Graham of South Carolina have argued strongly against calling witnesses, claiming that they have all the information they need and that the impeachment process itself is a sham.

But cracks have emerged in the Senate GOP ranks. Sens. Susan Collins of Maine and Lisa Murkowski of Alaska, for instance, have signaled their support for calling witnesses. And Collins told Maine’s Bangor Daily News earlier this month that she was working with a “fairly small group” of fellow Republican senators to ensure the upper chamber brings witnesses in to testify in Trump’s impeachment trial.

CNN’s latest poll found that a significant majority — 69% — believe the impeachment trial should feature testimony from new witnesses who did not testify in the House’s impeachment inquiry. Among Republicans, 48% say they want new witnesses, while 44% say they do not.

Broad public support for calling new witnesses means Congress could hear from officials at the highest levels of the executive branch, like former national security adviser John Bolton, acting White House chief of staff Mick Mulvaney, and Secretary of State Mike Pompeo.

Mulvaney and Pompeo defied House subpoenas for testimony last year. Bolton did as well, but he announced this month that he is prepared to testify in the Senate trial if lawmakers subpoena him again.

Trump’s actions in Ukraine first came to light in an anonymous whistleblower’s complaint that a US intelligence official filed in August. The complaint detailed a July 25 phone call between Trump and Zelensky during which the US president repeatedly pressed his Ukrainian counterpart to work with his personal lawyer Rudy Giuliani and Attorney General William Barr to investigate the Bidens, as well as a bogus conspiracy theory suggesting Ukraine interfered in the 2016 election to help Democrats.

But a string of public testimony from career government officials since then revealed that the phone call was just one data point in a months-long effort to bully Ukraine into caving to Trump’s demands.

The contents of the whistleblower complaint were corroborated by a White House memo summarizing the July 25 phone call. Trump himself has said several times — in public — that he wanted Ukraine to probe the Bidens.

Moreover, Gordon Sondland, the US’s ambassador to the European Union, testified to Congress that “everyone,” including senior officials like Bolton, Pompeo, Mulvaney, and more, was in the loop on what Trump was doing.

Additional reporting and documents since the House impeached Trump in December revealed that there was widespread concern across lower levels of the government, including in the State Department and the Pentagon, about the legality of the president’s actions.

CNN surveyed 1,156 adults by phone between January 16-19 and the poll had a margin of error of plus or minus 3.4 percentage points.



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