Europe’s 30 largest banks by market value cut staff by 80,000 in 2013, calculations by Reuters based on their year-end statements showed.
Recruitment consultants warn workers’ hopes for a turnaround this year could be misplaced, bad news for countries like Spain where tens of thousands of bank layoffs have helped drive unemployment to 26 percent.
However, while painful for the people who have lost their jobs, the reduction of large banks’ workforces through a combination of asset sales and redundancies means banks won’t have as big an impact on overall employment in future crises.
Antoine Morgaut, chief executive for Europe and South America at recruiter Robert Walters does not expect the industry’s employment to ever return to what it was in its heyday of 2008. Then, the 25 of the top 30 banks with comparable figures employed about 252,000 more than the 1.7 million they do today. “It’s been a bubble for 20 years,” said Morgaut.
“In speciality areas we are seeing a bit of an upside but it is quite marginal and it will stay like that for the next six to nine months,” he added.
Chosen excerpts by Job Market Monitor. Read the whole story at Europe’s top banks cut 80,000 more staff in post-crisis overhaul | Reuters.
- Barclays, Deutsche Bank / To cut pay up to 20 percent
- Bank Layoffs to Continue
- Finance / 300,000 jobs gone in the past two years, more than half a million in four years
- UK / HSBC bank cutting 3,166 jobs
- RBS / 1,400 Jobs cut in UK
- Banks aren’t the big jobs machines they used to be
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