GLOBAL banks have slashed almost 160,000 jobs since early last year, including more than 21,000 across taxpayer-backed lenders Lloyds Banking Group and Royal Bank of Scotland, and more lay-offs are in the pipeline as the industry restructures.
Redundancies in the banking sector have outpaced new hires by roughly two-to-one according to a study that shows job cuts have been heavier in Europe than in Asia or the US.
It is feared that the final tally could rise even higher, as smaller banks and brokers are also cutting staff or shutting up shop, and bigger banks have not always disclosed target numbers for lay-offs.
According to analysis by Reuters, 29 major banks have unveiled plans for 157,969 job cuts since 2011, including 15,000 at Lloyds and 6,418 at RBS. The study also showed that about 83,000 roles have been created globally in the sector since the height of the financial crisis…
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via UK hard hit by global jobs axe in beleaguered banking sector – Banking – Scotsman.com.
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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 … Continue reading »
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Posted by Carter | December 3, 2012, 2:04 am