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Banks / Job cuts amount to near 160,000

Major banks have announced about 160,000 job cuts since early last year and with more layoffs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two to one.

A Reuters analysis of job cuts announced by 29 major banks showed the layoffs were much bigger in Europe than in Asia or the US. That is a particular blow to Britain where the finance industry makes up roughly 10% of the economy.

The tally of nearly 160,000 is likely to be a conservative estimate as smaller banks and brokers are also cutting staff or closing down, and bigger banks have not always disclosed target numbers of layoffs. The number also does not include reports of 6,000 job cuts to come at Commerzbank, for example, which the German group would not confirm last week.

Well-paid investment bankers are bearing the brunt of cost cuts as deals dry up and trading income falls. That is particularly the case in activities such as stock trading, where low volumes and thin margins are squeezing banks.

“When I let go tonnes of people in cash equities this year, I knew most would be finished in this business. It is pretty dead. Some will just have to find something completely different to do,” said one executive at an international bank in London, on condition of anonymity…

Choosen excerpts by Job Market Monitor from

via Banks shrink as job cuts near 160,000 | Business |

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