Berlin (dpa)
The German Private Banking Employers’ Association reported that employment activity in German banks stopped declining in 2023 after years of continuous decline.
The number of employees in the country’s banking industry reached 537,650 people by the end of last year, the association said in Berlin on Monday, noting that this represents an increase of 0.3% compared to the previous year (535,900 people). The association added: Thus, the job losses that dominated the sector in recent years have been temporarily halted.
In addition to private banks, the data collected includes employment at Sparkasse and cooperative banks, as well as the Bundesbank, regional banks and development banks. The number of employees at private banks and mortgage savings banks rose by 0.2% in 2023, remaining roughly at the same level as two years ago, with the number of employees at the end of the year standing at around 155,650 (compared to 155,400 the previous year), the association added.
In the big banks, the number of employees remained almost constant, with a slight increase in mortgage banks. German banks are facing the challenge of the trend towards digitalization of banking, which has led many of them to significantly reduce their branch network.
Due to the increasing need for information technology and regulatory oversight in recent years, banks have started hiring experts in this field.
It is worth noting that the banking industry in Germany employed about 780 thousand people at the peak of the employment movement in the mid-1990s, and after the financial market crisis in 2008/2009, this number decreased to 663 thousand people.
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